<Sun Peaks, Canada>

for the11 th FP

Asset Management
ReportFrom July 1, 2022 to December 31, 2022

Canadian Solar Infrastructure Fund, Inc
2-1-1 Nishi-Shinjuku, Shinjuku-ku,
Tokyo 163-0443 Japan
https://www.canadiansolarinfra.com/en/

Contents

Cleaner Energy
for the Next
Generation

00

To Our Investors

02

Financial Highlights

03

Track Record of Consistent External Growth04

Canadian Solar Group05

Unique Aspect of the Fund

06

Management Interview

08

To Carbon Neutrality

10

Effort in ESG

12

Portfolio

13

Sponsor Pipeline

14

Portfolio Overview

16

Financial Summary/Information for Unitholders

17

Asset Management Report

48

Balance Sheet

50

Statement of Income

51

Statement of Changes
in Unitholders’ Equity

52

Notes

59

Statement of Cash Distribution

60

Statement of Cash Flow

Feature Story
ESG finance andJapan’scarbon
neutrality policies

To Our Investors
On behalf of the Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as “CSIF”), I would
like to express sincere appreciation to all unitholders for their continued patronage and support.
CSIF hopes to contribute to the spread of renewable energy with consideration for the global
environment, aiming to build a sustainable economy and society in the region through efficient
operations utilizing the Canadian Solar Group’s vertical integration model.
In pursuit of these initiatives, we expect the continued understanding and support of allunitholders.
Executive Director, Canadian Solar Infrastructure
Fund, Inc.
CEO and Representative Director, Canadian Solar
Asset Management K.K.

Hiroshi Yanagisawa

P9

Financial Highlights

Track Record of Consistent External Growth

Key Indicators for the 11th FP

December 31, 2022

CSIF has achieved continuous growth in asset size by sourcing projects mainly from the abundant sponsor pipeline.
CSIF held ¥80.0bn (acquisition value base) as of the end of the 11th FP, making it the largest player in the listed infrastructure fund market.

11th FP(ended Dec. 2022)

10th FPStatement of
Income Data
(million yen)

Forecast@
Aug.16, 2022

ActualActualCSIF will continue to lead the market as the largest listed infrastructure fund by asset size.
Increase/(Decrease)(vs Forecast)

Operating revenues

4,060

3,725

3,715

(10)

Operating income

1,743

1,404

1,383

(21)

Income before income taxes

1,509

1,190

1,214

23

Net income

1,509

1,189

1,213

23

3,903 yen

3,750 yen

3,750 yen—

Distribution per unit (including
distributions in excess of earnings)
Distributions per unit (excluding
distributions in excess of earnings)

Track Record of Consistent External Growth (acquisition price basis)
IPO acquisitions (Oct. 2017)
CS Mashiki-machi PP

3,903 yen

3,077 yen

3,138 yen

61 yen(100Mnyen)
100—

673 yen612 yen(61) yen

80

Distributions in excess of earnings per unit

First PO (Sep. 2018)
CS Daisen-cho PP

Acquired 13 projects
with 72.7MW
total panel output

4th FPacquisitions

5th FPacquisitions

7th FPacquisitions

Acquired 2
projects with
2.5MW total
panel output

Acquired 2
projects with
3.2MW total
panel output

Acquired 1
project with
10.7MW total
panel output

Acquired 2
projects with
3.3MW total
panel output

42,834,862 kg-co

2

40359,637,483 kg-co

20

CS Ogawara-machi PP

2 projects have been acquired with
60.9MW total panel output

100.0
30.59 80.00

11.53 42.63 1.32 43.95

CO2 Reduction (cumulative) Oct.2017–Jun.2022

CS Hiji-machi Dai-Ni PP

Acquired 3 projects
with 30.3MW
total panel output

2nd FPacquisitions

60

CO2 Reduction (10th FP)

Second PO (Mar. 2021)

80.00

80.00

80.00

48.52 0.89 49.40

4.57 48.52

30.11 0.99 31.10

20# of Projects

25 PV Facilities

Total Acquisition Price

JPY

800.0 bin

IPO
Oct 2017

Panel Output of AUM

183.9 MW2nd Fiscal Period 3rd Fiscal Period(period-ended(period-ended
June 2018)
December 2018)

4 th Fiscal Period(period-ended
June 2019)

5 th Fiscal Period(period-ended
December 2019)

6 th Fiscal Period 7th Fiscal Period 8th Fiscal Period 9th Fiscal Period 10th Fiscal Period 11th Fiscal Period Medium-term(period-ended(period-ended(period-ended (period-ended (period-ended (period-ended target（Note）
June 2020)
December 2020) June 2021) December 2021) June 2022) December 2022)(Note) The medium-term target shown above is CSIF’s target as of December 31, 2022, and does neither represent a guarantee nor promise thatthe target will be achieved nor when it will be achieved.

Historical and Forecasted Dividend
Since its listing, CSIF has offered a stable dividend and achieved steady increases in dividends.
(yen)
4,500

4,000

DPU (excl. distributions in excess of earnings)

3,650

3,600
+¥50

3,000

3,650

577
1,340

1,817

+¥50

Per unit distributions in excess of earnings

3,750

3,700

3,700

3,700

708

601

924 +¥50 848

2,992

3,099

6th FP

7th FP

2,000

0

3,750

3,750

3,750

3,750

612

781

728

815

3,138

2.969

3,022

2,935

3,903
3,073

1,000

3,903

2,310

1,783

3rd FP

4th FP

5th FP

2,776

2,902

8th FP

9th FP

10th FP

11th FP

14th FP
12th FP
13th FP(Forecast) (Forecast) (Forecast)（Note）Figures for the 12th~14th Fiscal Period are forecasts and are subject to change. They do not represent guaranteed distribution amounts.

2

3

Canadian Solar Group

Unique Aspects of the Fund

Canadian Solar Group, CSIF’s sponsor, is a global company engaged in the manufacturing and sale of solar panels etc, as well as thedevelopment and operation of solar power plants, It was established in Ontario, Canada in 2001 and has been listed on the NASDAQ stock
exchange since 2006. The company had more than 13,500 employees in 24 countries and has annual sales of approximately 5.3 billion(approximately 700 billion yen at current exchange rates) for the fiscal year ending December 31, 2020. The group entered the JapaneseAdvantageous Operation Based on the Vertically-Integrated Model of the Group
Prominent knowledge acquired by the Group as the total solution provider of solar power generation is fully utilized for the operation of CSIF.
The uniqueness of the vertically integrated model of the group is shown as below.

market in 2009 and has been selling solar panels for residential and industrial uses. The sponsor has also been involved in the development ofsolar power plants since the early days of renewable energy, as the Feed-in Tariff system for solar power generation started in Japan in 2012.
Share of shipping PV modules

Bankability

2021 Global share2020
bankablesolar panel
manufacturer

Shipped solar panels

Solar power plants underdevelopment or construction

Over

Approx.

#1

Top5

82GW

(Solar module segment)

Source: Pveye June 2022,
Vis On Press Co.,Ltd.

25GW

intotal

Source: Bloomberg New Energy
Finance 2020
Module Bankability Survey(panel output basis as of
September 30, 2022)(as of September 30, 2022)

The image of the value chain of renewable energy business at Canadian Solar Group

Canadian Solar Infrastructure Fund, Inc.
ProjectownerCapture continuous growth opportunities andcreate stable cash flow

ing
cquir
rom a
f
h
t
w
o
r
Achieve g

Same boat equity
Sponsor support

External growth

Global Sponsor Pipeline (panel output)(note)(as of 2022)

Canadian Solar Inc.

Energy segment

Solar panel factory

18 countries

18 countries

4 countries (17 factories)

Manufacture PV modules

⓬
●

⓭
●

1

10

11

16
13

3

❸
●

5

15

21
20

18

17

22

4

㉔
●

Solar power plant AM∙O&M

Developer
Operator

Asset Management
O&M provider

Solid Bank Formation
Currently, we have created a strong bank formation consisting of a total of 23 financial institutions, including five banks consisting of threemegabanks as well as SBI Shinsei Bank and Sumitomo Mitsui Trust Bank as arrangers and co-arrangers, and we believe that we have

24

14

6

Canadian Solar O&M Japan K.K.

Canadian Solar Group

19

23

⓮
●

Develop solar power plants

Manufacturer⓲●

7 12 8 92

Canadian Solar Asset Management K.K.

Canadian Solar Projects K.K.

Vertically Integrated Business Model

⓯
●

❷
●

Recoup development funds

As of September 30, 2022

Module and System solutions (MSS)
segment

●
❶

r
sola

nts
pla
r
e
pow

established a financing structure for future asset expansion.

Global Offering❶ Canada 2 offices❻ Chile1 office⓫ Italy

1 office⓰ China

16 offices

1 office

1 office⓬ Netherlands

1 office⓱ Taiwan㉑ Vietnam

1 office

1 office⓭ UAE

2 offices⓲ Korea㉒ Malaysia

1 office㉓ Singapore

1 office

We believe that having overseas institutional investors as unitholders will enable us to manage our assets with an awareness of global㉔ Australia

2 offices

standards and improve the liquidity of our investment units in the market. It will also contribute to stabilizing our fund-raising capacity in the❷ U.S.

3 offices❼ U.K.

❸ Mexico

1 office❽ Germany 1 office❹ Brazil

1 office❾ Poland

1 office⓮ South Africa

1 office⓳ Japan

4 offices❺ Columbia 1 office❿ Spain

1 office⓯ India

1 office⓴ Thailand

1 office

In the past three public offerings, including the IPO, CSIF has raised funds from both domestic and overseas investors through global offerings.

future by expanding the number of institutional and individual investors in Japan.

（Note）Apart from the operational projects, the panel output shown above are the figures based on the development plans as of September 30,
2022. The above figures may differ from actual panel output after construction of the so lar power plants is completed.The same shall apply
here inafter.

4

5

Management Interview

Q1
A

Q2

Aim to support the growthof Renewable Energy Industry
as the leading listed Infrastructure Fund
Executive Director Canadian Solar Infrastructure Fund, Inc.
CEO and Representative Director Canadian Solar Asset Management K.K.

Hiroshi Yanagisawa

6

A

What was CSIF’s management performance in the
11th fiscal period?
In the 11th fiscal period, the frequency of output curtailment
decreased significantly year on year, and the negative impact
on energy output was mitigated. However, operating revenue
fell short of the initial forecast due to lower-than-expected
actual energy output as a result of fewer hours of sunlightcompared to the forecast because of generally poor weather
conditions throughout the period. In terms of operating
expenses, the large increase in repair expenses was not able
to be offset by the decrease in professional fees, andoperating income also fell short of the initial forecast. On theother hand, ordinary income and net income exceeded theinitial forecasts due to the posting of a large amount of
insurance income received as non-operating income.
Ultimately, operating revenue was 3,715 million yen, operating
income was 1,383 million yen, ordinary income was 1,214
million yen, and net income was 1,213 million yen. Given thatnet income exceeded the initial forecast by 23 million yen,profit distributions per unit increased 61 yen from the initial
forecast to 3,138 yen. In addition, distributions in excess ofearnings were reduced by the same amount, and dividends
per unit were set at 3,750 yen, the same amount as the initial
forecast.

One year has passed since the start of Russia’s
invasion of Ukraine. Please describe any impact
this had had on asset management due tochanges in the market environment, such as thesubsequent surge in resource prices, exchange
rate fluctuations and market interest rates.
The impact of Russia’s invasion of Ukraine in February 2022
included an increase in the cost of thermal power generation
due to soaring energy resource prices, higher electricity
prices, and the impact on the composition of power sources.
However, there has been little impact on CSIF’s operating
results up to this point. The reason for this is that there is no
direct impact on operating revenue as the electricity prices ofthe power plants held by CSIF are fixed based on the Feed-in
Tariff system. Similarly, there was also little impact from theperspective of cost, as most expenses are fixed or are notdirectly affected by foreign exchange fluctuations. Moreover,
the rise in market interest rates has not had any impact on
CSIF’s interest-bearing debt, as 100% of the debt is currently
financed at fixed interest rates. As just described, we believethat CSIF’s asset management is immune to changes in themacro environment.

Q3
A

Q4
A

What are your recent initiatives for ESG?
Since its establishment in 2017, CSIF, together with its asset
manager Canadian Solar Asset Management K.K. (CSAM), haspracticed ESG-conscious asset management. In conducting
our business, we recognize that the problem of climate change
is an important management issue that can be a risk or an
opportunity. In addition to CSAM’s signing of the United Nations
Principles for Responsible Investment (UN PRI) in August 2019and its endorsement of the recommendations of the Task Forceon Climate-related Financial Disclosures (TCFD) in February2022, we have recently published our ESG Report in February
2023. In the ESG Report, we have selected ESG issues(“materiality”) of particular importance to CSIF to promote ourefforts for achieving our goals and further improving our
initiatives by setting KPIs for materiality items andimplementing specific measures through our future activities.

Please describe the latest trends in the institutional
aspects surrounding renewable energy.
Among the important institutional changes that have been
discussed, the situation regarding producer-side charges haschanged recently. The producer-side charges are a system
under which, for the purpose of maintaining and managing
the power transmission and distribution network, a portion(10%) of the consignment charge that was previously paid
entirely by retail operators will also be borne by power
generators, including those from renewable energy sources,
in proportion to the scale of power generation. The system
was initially expected to be finalized within fiscal year 2021
and begin operating in fiscal year 2023, but in November
2021, the 6th Basic Energy Plan stated, “discussions willcontinue concerning the need for such treatment,” anddecided to postpone the system design by one year.
Subsequently, the Subcommittee on Mass Introduction of
Renewable Energy and Next-Generation Electricity Networks,
which met in November 2022, proposed to proceed withconsideration of “adjusting by levy or exempting theapplication of already certified FIT/FIP projects, while taking
into account the burden on the public.” Finally, at its meetingon December 2022, the Subcommittee proposed that “alreadyapproved FIT/FIP projects will be completely exempted during
the FIT period.” After public comments, the details of theseprojects are expected to be finalized by March 2023, and they
are scheduled to begin operating in fiscal year 2024. If thisdecision is finalized, the uncertainty in terms of CSIF’s future
operations will be resolved, as the additional cost burden that
had been a concern will be eliminated during the FIT period.

7

Canadian Solar GroupPM Suga in October of 2020 set a target to achieve zero greenhouse gas emissions by 2050 in his general policy speech.
Given the policies and forecasts released by the Japanese government, CSIF believes that renewable energy may make up a larger portion of

Feature Story

ESG finance and Japan’s carbon neutrality policies

the supply of electricity generated in Japan.

Long-term goal to reducegreenhouse emissions

Pledge to maximize use ofrenewable energy sources
Renewable energy to bepromoted as the×

Zero greenhousegas emissions

main power sourceby 2050

in Japan’s energy mix

Commence discussions
on carbon pricing rule＋

Actively devise
legislation on pricing
of carbon emissions

Increase in renewable

Promote use ofenergy within total energy mix

renewable energy

Aiming to Achieve Carbon
Neutrality

In the 6th Basic Energy Plan approved by the Cabinet in October 2021, it was stated that “based on
the basic premise of S+3E(Note), we will thoroughly make renewable energy the main source ofpower, work on the principle of giving top priority to renewable energy, and maximize the introductionof renewable energy while curbing the burden on the public and coexisting with local communities.

Renewable Energy

NuclearOil thermal, etc.

LNG

Solar

Coal-firedWind

Geothermal

Hydro

5%

14～16%

100
80
60
40

11%

20
0

FY2019Biomass

Hydrogen-Ammonia

FY2030Government target

1%

FY2030 government
renewable power
output target(breakdown within the
renewable sector)（Note）Preliminary figures for FY2020 are used, and there may be differences from the finalized FY2020 figures to be released in 2022.

8（Note）The acronym stands for Safety, Energy Security, Economic Society, and Environment.

(Note)

Carbon emissions from electricity production makes up 35.7% of total carbon emissions in Japan, and the introduction and wider use of renewableenergy are expected to contribute towards lowering Japan’s carbon emissions.
■ Energy related CO2 emissions (electricity)：36.7%■ Energy related CO2 emissions (non electricity)：47.5%■ Non energy related CO2 emissions：6.7%■ Greenhouse gas emissions other than CO2：9.2%

FY2020greenhousegas emissions（1.14bn tons）

5%(TCFD) and other opportunities for similar disclosure as well as“100% renewable” (RE100) and net carbon zero target setting
are becoming increasingly active among global companies andissuing entities. In other words, investors and banks are positively
evaluating these ESG initiatives, while businesses also havebecome keenly aware of these initiatives as means to improve
corporate value.
In Japan, since Prime Minister Yoshihide Suga made a policy
speech in October 2020 on the establishment of goals for
reducing greenhouse gas emissions and achieving carbon
neutrality by 2050, the Japanese government has been
accelerating initiatives toward post-carbon society.
In circumstances where new currents are emerging, someforward-thinking global enterprises are now asking their business
partners to set emission reduction targets, conduct renewableenergy procurement, etc. Initiatives to achieve the post-carbon
society are shaping corporate management strategies andleading to the creation of new business opportunities.

The government’s target power source ratio for 2030 is expected to be 36-38%, with solar power accounting for the largest share at 14-16%. The
government’s target of renewable energy for 2030 is 36-38% of the total power supply, with solar power accounting for the largest share at 14-16%, so
the role of solar power will be important for the time being.

Breakdown of greenhouse gas emissions in Japan

Ratio of Renewable Energy in total Energy Mix Target : 36~38％
Solar power is expected to compose 14%~16% of the total renewable energy mix

（%）
120

Investments and loans made by taking into account not only
conventional financial information but also non-financial
information, comprising environmental, social and governancefactors, are called ESG finance. ESG finance has attracted
worldwide attention and in the last several years has been
expanding dramatically in Japan. Needless to say, ESG financehas had a favorable impact on investments in investment units
offered by the Investment Corporation, loans from banks and theissuance of green bonds.
As ESG financeevolves and expands
both in terms of
quality and volume,
moves to respond to
the initiatives of the
Task Force on
Climate-related
Financial Disclosures

36.7%

Renewable energy
sources

Fossil fuel

Reduced carbon
emissions with theutilization ofrenewable energy

Based on the judgment that it is essential to conduct a comprehensive review of the regulations that serve as barriers to this process,and to promote the necessary regulatory review and expedite the review process, the government established the “Task Force forComprehensive Review of Regulations Concerning Renewable Energy, etc.” in November 2020 in order to achieve such regulatory reformwith a sense of speed. Many requests for deregulation and removal of regulations have been submitted and studies have begun in theareas of (1) location restrictions, (2) grid regulations, (3) market restrictions, (4) coexistence with local communities, and (5) others.

9Effort in ESG
Introduction
Canadian Solar Asset Management K.K. (“CSAM”) serves as an asset
manager of Canadian Solar Infrastructure Fund, Inc. (“CSIF”) which invests
mainly in renewable energy power generation facilities. Canadian Solar
Project K.K. (“CSP”) is a developer of PV projects and a sponsor for CSIF.
CSAM together with CSP has contributed to building a sustainableeconomic society in local regions while paying a great attention to theglobal environment. Thus, CSAM has run its asset management businesswith its focus on the environmental aspect among the ESG initiatives. In
addition, CSAM fully recognizes that considering the social and governanceaspects in the asset management operations is also deemed extremely
important by investors and fund managers in Japan and overseas with afocus on SRI. Under such circumstances, CSAM believes that active,
appropriate disclosure of information about its initiatives will be more
important going forward; therefore, CSAM set forth its“Approach into UN
PRI” as ESG basic policy late December of 2020.
CSAM has facilitated the “Contribution to the Global Environment” via an
increased installment of renewable energy facilities in Japan since IPO of
CSIF. Going forward, CSAM would like to make an opportunity for SRI
available for investors by “Realizing A Sustainable Society” and “Vitalizing A
Regional Society” as for the social and governance aspects.

Signatory to UN PRI / CSAM’s approach on UN PRI
As of August 13, 2019, our asset
manager, Canadian Solar AssetManagement K.K. (“CSAM”),
became the first Japanese asset
manager of a listed infrastructure fund to be a signatory to the UN PRI(United Nations supported Principles for Responsible Investment) to promote
ESG (Environmental, Social, Governance) investments.
As a signatory to the UN PRI, CSAM devised an “Approach to UN PRI
Guidelines” as of the end of December 2020 as its basic ESG policy, which
can be found on CSIF’s website as of February 17, 2021.

ESG Report
Since its establishment, CSIF has beenpracticing ESG-conscious management
together with CSAM.
● CSAM recognized that in our business
operations, the issue of climate change is
an important management issue that canbe a risk or an opportunity.
● CSAM signed the UN Principles for
Responsible Investment in August 2019.
CSIF endorsed the Climate-related
Financial Disclosure Task Force recommendations in February 2022.
CSIF and CSAM published the ESG report in February 2023.
● CSIF will select ESG subjects (materiality) of particular importance to CSIF
and promote efforts to achieve and further improve targets by setting
KPIs and implementing specific measures for materiality items throughfuture activities.
●

10Adherence to EU SFDR Article 8 disclosure
requirements

Granting of Tracking Information
In response to the accelerating global decarbonization efforts, electricity
consumers are increasingly looking for renewable energy sources fortheir own electricity procurement. CSIF has started to provide power
consumer with tracking to provide power consumer with tracking
information (renewable energy power Non-Fossil Certificates (Note)) for
its CS Daisen-cho Power Plant (A), CS Daisen-cho Power Plant (B）, andCS Marumori-machi Power Plant.
● This trial can respond to the growing needs of electricity consumers forrenewable energy, such as RE100 (Renewable Energy 100%), aninternational initiative that aims to procure 100% of the energy
consumed by business activities from renewable energy sources.
●（Note）F
 IT Non-Fossil Certificates are certificates that represent the
renewable energy value of electricity purchased on a feed-in
tariff under the FIT system and traded on the non-fuel value
trading market of the Japan Electric Power Exchange(hereinafter referred to as “JPEX”).

Power sales with premium to renewable energy
users through a Wholesale Electricity Supply
Agreement with Zero Watt Power Inc.
By executing the wholesale electricity supply agreement with Zero Watt
Power Inc for CSIF’s power plants listed below, CSIF contributes to supply
FIT electricity to consumers.
● CSIF has also begun purchasing clean electricity for power plant
consumption. Clean electricity derived from renewable energy sources
and FIT electricity to general households and companies that demandclean power from renewable energy sources, which will contribute to the
diffusion of renewable energy. We believe that this will contribute to the
spread of renewable energy and also to the generation of additional
rental revenues.
●●

S

In order to prevent greenwashing (falsely claiming the sustainability of aparticular product) and to create a more transparent playing field for ESG
investors in their investment decision-making, EU SFDR was created forthe purpose of enhancing transparency of sustainable investment.

●

SocialCanadian Solar Group’s relationship withthe local community

Canadian Solar Group’s relationship with local communities at
Hiji-machi

Disclosure covers all information relevant to policies on sustainability risk,sustainability of financial products, and ESG factors.

●

CSIF is scheduled to conduct SFDR Article 8 disclosure requirements ofpre-defined ESG (environmental, social, governance) factors.

External Certification and Recognition Related
to ESG

Canadian Solar Asset Management Inc. is sponsoring the Xavier‘s Way

On May 11, 2020, CSIF obtained Green 1 (F) rating, the highest overall

Walking in Hiji-machi, where CS Hiji-machi Power Plant and CS Hiji-machi

rating in the JCR Green Finance evaluation, for the framework we

Dai-Ni Power Plant are located. In 2022, CSAM employees participated inestablished to limit the use of funds procured through green bonds andthis event, which is a walk along a historic trail that Francisco Xavier is said

green loans to those with environmental improvement effects.

to have passed through.

Canadian Solar Group’s relationship with the local community
around CS Daisen-cho

Environment

E

Incorporate measures to reduce
environmental impact from manufacturingsolar panels

The Canadian Solar Group is focused on reducing the environmental impact
from solar panel manufacturing processes such as greenhouse gases andmanufacturing waste and water. (2017-2021)

The Sponsor constructed the Daisen Canadian Garden and donated it to theGreenhouse gas emissions

Manufacturing water consumption

▲ 17%

▲ 53%

Daisen-cho Town Government in commemoration of the completion of CS
Daisen-cho Power Plant, now owned by the CSIF after development, and as
part of its contribution to local communities in an effort to create harmony
between nature and the large-scale solar power plant. In addition, itPower Plant

CounterParty

CS Izu-shi PP
CS Mashiki-machi PP
CS Hiji-machi
Dai-ni PP
CS Ogawara-machi PP

Zero WattPower

repaired the Hima Jinja Shrine in the same town and donated an incense

Premium
Wholesale

Purchase of clean
energyFrom February
2021

From March
2021

Canadian Solar Group’s relationship with the local community
around CS Daisen-cho

From December
2021

From June
2021

Power plant carefully developed by protecting the rich environmentof Daisen-cho

The sponsor and CSAM offered donations to the Marumori-machi Town

From July
2021

From June
2021

The district in which CS

Government. The town was severely hit by Typhoon Hagibis in October 2019.

From May
2021

From July2021

located is in close proximity

TCFD is the Task Force on Climate-related Financial Disclosure establishedby the Financial Stability Board(FSB)at the request of the G20, which
recommends “governance,” “strategy,” “risk management,” and “indicatorsand targets” for climate change-related information disclosure. CSIF has
also disclosed TCFD related information.

Donation to Marumori-machi, Igu-gun, Miyagi prefecture
where CS Marumori-machi is locatedDaisen-cho Power Plant is
to districts known for theirdiverse and rich ecological

Addressing climate change based on TCFD
recommendations

holder made of white granite to the Shimpukuji Temple.

environments with forests,

GovernanceG

Aligning the interest of unitholders withthat of the Sponsor

plants and wild birds. Efforts

We aim to increase unitholders’ value by aligning the interest of unitholders

were made to refrain from using chainsaws when developing the project towith that of the sponsor.

avoid damaging the habitat of rare species of indigenous falcons, while
painting the fence around the site using camouflage colors.
The power plant can provide 27MWp of clean regenerated energy,
equivalent to electricity for approximately 8,000 households.

Number of units held by the sponsor and holding ratio after the offering

56,620 units (14.64%)
11

Portfolio

Sponsor Pipeline

Portfolio Highlight

December 31, 2022

# of Projects

Total Acquisition Price

25 PV Facilities

JPY

Panel Output of AUM

80.00 bln

183.9 MW

（Note）“Total Acquisition Price” is total of the purchase prices based on the sales and purchase agreement for each project.

11th FP actual energy output ÷ projected energy output

25,00096.69％

21,786

21,227

18,223

96.9%
17,530 16,982

16,217

15,000217.7

Operational

12MW

projects,

Under construction

Total pipeline

149.8

MW

27

projects,

Under development

367.5MWOperational

2023

2024

2025

2026 -

12,018 11,634

Sponsor Pipeline Map (Including Projects Owned by JGIF and Bridge fund)Light blue box for JGIF’s projects

Aug.

Sep.

Oct.

Nov.

Dec.

CS Shimane Hamada PP

As of the end of 11th Fiscal
Period-ended Dec. 31, 2022

29.0%

38.8%

3.5%
5.4%

CS Gunma Takasaki KG PP

CS Hokkaido Bihoro PP（2.5 MW/18/2021）

CS Gunma CC PP

CS Fukuyama-shi PP

CS Gunma Minakami Dai-ni PP

CS Hiroshima Suzuhari PP

Lower row in each box ; size (MW)/ FIT price in JPY/ anticipated COD（24.5 MW/14.49/2022）（21.0 MW/11.99/2025）（17.8 MW/17.97/2022）

CS Aomori Maita PP（3.0 MW/10.89/2024）

CS Miyagi Kami-machi PP（2.2 MW/18/2023）（80.0 MW/10.76/2026）

CS Nagano Omachi PP

CS Shichikashuku-machi PP（3.0 MW/10.14/2025）（9.2 MW/36/2020）

CS Yamaguchi Hofu PP

8.8%

25.9%

■ CS Mashiki-machi PP■ CS Daisen-cho PP (A & B)
■ CS Izu-shi PP■ CS Mashiki-machi PP■ CS Minami Shimabara-shi PP (east & west)■ CS Hiji-machi PP

CS Fukushima Sabara PP（8.0 MW/14.25/2023）

14.8%

22.2%

■ CS Hiji-machi Dai-ni PP■ CS Mashiki-machi PP■ CS Daisen-cho PP (A & B)

（3.0 MW/10.79/2024）

CS Yamaguchi Aiofutajima PP

CS Azuma Kofuji PP（1.2 MW/18/2022）（100.0 MW/36/2022）

CS Miyako-machi Saigawa PP

CS Tochigi Kitsuregawa PP（13.0 MW/36/2021）（1.2 MW/32/2023）

CS Fukuoka Tagawa PP

Remaining FIT period of projects-undermanagement (panel output basis)
100

70.00

¥32／kWh¥24／kWh

FIT period: 11 years

20
23

0.9

49.0

¥21／kWh

40

12

80.00

¥36／kWh60

79.03

6.3 3.0 27.3
1.2 11.9

1.7

12.9

51.49

60.00

2.3

50.00

47.09

40.00 33.86

53.4
7.5

2
2
2
2
2
2
20
34 035 036 037 038 039 040

30.00
20.00

50.02

35.96
42.07

30.44 31.11

48.89

CS Oita Munechika PP

76.36
77.17
75.51

73.86
71.03
75.27 72.41

CS Shizuoka Gotenba PP

CS Kumamoto Mashiki Dai-ni PP（1.2 MW/18/2023）（2.0 MW/27/2023）

CS Kama-shi PP（2.2 MW/36/2017）

CS Okayama Shinyubara PP（29.9 MW/13.47/2025）

CS Ibaraki Takamihara PP（1.2 MW/11.99/2024）

CS Ibaraki Kasama PP（13.5 MW/32/2021）

Source：Compiled by the Asset Manager based on disclosures by Canadian Solar Projects K.K.

49.58

46.47

42.67

（11.3 MW/24/2022）（8.1 MW/32/2023）

Book value（JPY billion）¥40／kWh80

0Valuation price

Projects reaching FIT expiration
after 2034

（MW）

CS Ibaraki Kurusu PP（0.7 MW/18/2023）

Historical Valuation and Book Value(after depreciation)

December 31, 2022

● Under development（1.9 MW/21/2022）（3.4 MW/40/2020）

65.6%

Pink box for Bridge Fund projects● Under construction（1.9 MW/11.49/2024）

As of the end of 7th Fiscal
Period-ended Dec. 31, 2020

At IPO● Operational

CS Tottori Daisen Dai-ni PP

Historical Portfolio Diversification (panel output basis)

20

Total

96.8%

13,907 14,758

5,000
Jul.

MW

（Note）Include assets owned by Japan Green Infrastructure Fund (JGIF) and third-party bridge fund.

106.1%

10,000

0

367.5

150
0

89.0%

Under development

300

97.4%

19,845 19,076

20,00015450Actual96.1%

Operational and under construction

projects,（10th FP（corresponding period of the previous year）：95.87%）（MWh）

Target to achieve ¥100Bn in asset size in medium term by mainly acquiring assets from abundant sponsor pipeline（MW）

Total Energy Output for the Period

Projected

Operational Start Year and Status of Sponsor Portfolio Assets

45.35
45.57

IPO 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th
FP FP FP FP FP FP FP FP FP FPEnterprising assets acquisition from third parties
While we focus on acquiring solar energy projects from our Sponsor pipeline, we aim to diversify our acquisition opportunities not only
by utilizing bridge funds but also by securing acquisition routes from third parties with Asset Manager’s network.

13

Portfolio Overview December 31, 2022
List of Power Plant Assets

S-01

CS Shibushi-shi PP

S-02

CS Isa-shi PP

S-03

CS Kasama-shi PP

S-04

CS Isa-shi Dai-ni PP

CS Isa-shi Dai-san PP

S-11

S-07

CS Kasama-shi Dai-ni PP

S-12

CS Minano-machi PP CS Kannami-cho PP

S-16

CS Ena-shi PP

S-17

CS Daisen-cho PP(A) (B)

S-08

CS Hiji-machi PP

S-13

CS Mashiki-machi PP

S-18

CS Takayama-shi
PP

S-09

CS Ashikita-machi PP

S-14

CS Koriyama-shi PP

S-19

CS Misato-machi PP

S-21

14

S-22

CS Ishikari Shinshinotsumura PP

S-23

CS Osaki-shi
Kejonuma PP

S-24

CS Hiji-machi Dai-niPower Plant

Electric
Power
service area

Curtailment
rules

Onlinecurtailment
system status

Location

S-01

CS Shibushi-shi Power Plant

Shibushi-shi, Kagoshima

540

468

0.6

1,224.00

40

Kyushu30-day rule○

S-02 CS Isa-shi Power Plant

Isa-shi, Kagoshima

372

311

0.4

931.7740

Kyushu30-day rule○

S-03 CS Kasama-shi Power Plant

Kasama-shi, Ibaraki

907

870

1.2

2,127.84

40

Tokyo

30-day rule

S-04 CS Isa-shi Dai-ni Power Plant

Isa-shi, Kagoshima

778

645

0.9

2,013.99

36

Kyushu30-day rule○

S-05 CS Yusui-cho Power Plant

Aira-gun, Kagoshima

670

557

0.8

1,749.30

36

Kyushu30-day rule

○
○

S-05

CS Yusui-cho PP

S-06

CS Isa-shi Dai-san Power
Plant

Isa-shi, Kagoshima

949

802

1.1

2,225.08

40

Kyushu30-day ruleS-07

CS Kasama-shi Dai-ni Power
Plant

Kasama-shi, Ibaraki

850

744

1.0

2,103.75

40

Tokyo

30-day rule

S-10

Hayami-gun, Oita

1,029

865

1.2

2,574.99

36

Kyushu30-day rule○

CS Minamishimabara-shi
PP (East & West)

S-09

CS Ashikita-machi Power
Plant

Ashikita-gun, Kumamoto

989

844

1.2

2,347.80

40

Kyushu30-day rule

○

S-10

CS Minamishimabara-shi
Power Plant (East & West)

Shimabara-shi,
Nagasaki

1,733

1,525

2.1

3,928.86

40

Kyushu30-day rule

○

S-11

CS Minano-machi Power Plant Chichibu-gun, Saitama

1,018

982

1.3

2,448.60

32

Tokyo

30-day rule

S-12

CS Kannami-cho Power Plant

514

482

0.7

1,336.32

36

Tokyo

30-day rule

S-13

Kamimashiki-gun,
CS Mashiki-machi Power Plant
Kumamoto

19,751

19,31826.2

47,692.62

36

Kyushu30-day rule

S-14

CS Koriyama-shi Power Plant

Koriyama-shi,
Fukushima

246

218

0.3

636.0032

Tohoku30-day rule

S-15

CS Tsuyama-shi Power Plant

Tsuyama-shi, Okayama

746

666

0.9

1,930.50

32

Chugoku

30-day rule

○

S-16

CS Ena-shi Power Plant

Ena-shi, Gifu

757

720

1.0

2,124.20

32

Chubu

360-hour rule

○

S-17

CS Daisen-cho Power Plant(A)(B)

Saihaku-gun, Tottori

10,447

9,227

12.2

27,302.40

40

Chugoku

30-day rule

13th FP(Scheduled)

S-18

CS Takayama-shi Power Plant

Takayama-shi, Gifu

326

291

0.4

962.2832

Chubu

360-hour rule

○

S-19

CS Misato-machi Power Plant

Kodama-gun,
Saitama-ken

470

417

0.5

1,082.88

32

Tokyo

30-day rule

Tagata-gun, Shizuoka

S-15

CS Tsuyama-shi PP

S-20

CS Marumori-machi
PP

S-25

CS Ogawara-machi
Power Plant

○

S-20

CS Marumori-machi Power
Plant

Igu-gun, Miyagi

850

737

1.0

2,194.50

36

TohokuUnlimited andUncompensated
rule

S-21

CS Izu-shi Power Plant

Izu-shi, Shizuoka

4,569

4,073

5.4

10,776.80

36

Tokyo

30-day rule

S-22

CS Ishikari Shinshinotsu-muraPower Plant

Ishikari-gun, Hokkaido

680

594

0.8

2,384.64

24

Hokkaido

Unlimited andUncompensated
rule

○

S-23

CS Osaki-shi Kejonuma Power
Plant

Osaki-shi, Kejonuma

208

193

0.3

954.9921

TohokuUnlimited andUncompensated
rule

○

S-24

CS Hiji-machi Dai-ni Power
Plant

Hayami-gun, Oita

27,851

27,25335.1

53,403.66

40

Kyushu30-day rule

○

S-25

CS Ogawara-machi Power
Plant

Shibata-gun, Miyagi

2,745

2,712

3.5

7,515.35

32

TohokuUnlimited andUncompensatedrule○

80,00175,519100.00 183,973.12

—

—

—

—

Total

CS Izu-shi PP

Panel Output FIT Price
(kW)
(yen)

Project nameS-08 CS Hiji-machi Power Plant
S-06

Acquisition Valuation Price
Portfolio
Price(million yen)%(million yen)
(Note)

No.

○
13th FP(Scheduled)（Note）The term “price” refers to the price calculated based on appraised value as of the end of the fiscal period under review. The price of therenewable energy power generation facilities at power plants from S-01 through S-18 is the total intermediate value calculated by CSIF
pursuant to paragraph 1, Article 41 of its Articles of Incorporation, using the appraised value as of December 31, 2022 in the range stated in
the valuation report obtained from PricewaterhouseCoopers Sustainability LLC. The appraised value of renewable energy power generation
facilities at power plants from S-19 through S-25 is the total appraised value as of December 31, 2022, stated as the median in the valuation
report obtained from Kroll K.K., rounded down to the nearest ten million yen.

15

Ⅰ. Asset Management Report

Financial Summary

1. Overview of Fund Operation(1) Historical Operating Result of the FundFiscal Period

7th FP

8th FP

9th FP

10th FP

11th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

Fr. Jul. 1, 2022
To Dec. 31, 2022

Operating Revenue (in JPY mln)

2,413

3,425

3,587

4,060

3,715

(Rental revenue of renewable energy power
plants, out of operating revenue) (in JPY mln)

2,413

3,425

3,587

4,060

3,715

Operating Expense (in JPY mln)

1,555

1,966

2,242

2,316

2,331

(Expense for rental of renewable energy power
plants, out of operating expense) (in JPY mln)

1,409

1,781

2,033

2,090

2,114

Operating Income / Loss (-) (in JPY mln)

858

1,459

1,344

1,743

1,383

Ordinary Income / Loss (-) (in JPY mln)

717

1,074

1,123

1,509

1,214

Net Income / Loss (-) (in JPY mln)

716

1,073

1,122

1,509

1,213

Unitholders’ Capital (net) (Note 5) (in JPY mln)

20,87639,31738,96038,632

38,632

Total number of units issued (unit)

231,190386,656

386,656

386,656

386,656

Total Assets (in JPY mln)

49,052

84,29980,63379,47577,986

(0.2)

71.9

(4.3)

(1.4)

(1.9)

21,59240,391

40,08240,142

39,846

Financial Soundness Attributed to Fixed Interest Rate Conversion / LTV Level is Under Stable Controls
December 31, 2022

Fixed-to-variableinterest rate ratio (Note1)

DSCR (Note2)

LTV (Note3)

100.00%2.29

49.91%（Note1）“Fixed-to-variable interest rate ratio” refers to the ratio of fixed interest rate liabilities to total interest-bearing liabilities at that time.
Variable interest rate liabilities that were converted to fixed interest rate liabilities through interest rate swap agreements were deemed as
fixed interest rate liabilities.
（Note2）DSCR, or Debt Service Coverate Ratio is calculated as the sum of our operating income, depreciation costs and the increased portion of
the reserves in our reserve fund for repair fees divided by the sum of our loans payable and interest expenses for the relevant fiscal period.
DSCR is an operating measure to illustrate the ability to meet principal and interest payment obligations on existing loan payable.
(Note3) Loan to value, or LTV is calculated as interest-bearing debt divided by total assets as of the end of the relevant fiscal period multiplied by 100.

Credit rating(vs prior FP) (%)

Rating Agency

Japan Credit Rating Agency, Ltd.

Subject to Rating

Renewal Date

RatingOutlookLong-term Issuer Rating

August 10, 2022

A

StableThe 1st Unsecured Investment
Corporation Bond (only for Qualified
Institutional Investors)

August 10, 2022

Aー

Rating and Investment Information, Inc.

Long-term Issuer Rating

July 27, 2022

A-

StableHistorical Balance of Interest-bearing Debt
（JPY million）
50,000Loan（short-term）

Loan（long-term）

Bond

40,00030,00010,000
2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Information for Unitholders(vs prior FP) (%)

87.1

(0.8)

0.1

(0.7)

27,142

43,37639,93738,80537,688Net Asset Value per Unit (Base price) (in JPY)

93,397

104,463

103,665

103,818

103,053

Total Distribution (in JPY mln)

855

1,430

1,449

1,509

1,449

Distribution per Unit (in JPY)

3,700

3,700

3,750

3,903

3,750

(DPU excl. distribution in excess of earnings, in JPY)

3,099

2,776

2,902

3,903

3,138

(Distribution in excess of earnings per unit, in JPY)

601

924

848

-

612

Return on Assets (Note 4) (%)

1.5

1.6

1.4

1.9

1.5

(annualized ratio) (%)

2.9

3.2

2.7

3.8

3.1

Return on Capital (Note 4) (%)

3.3

3.5

2.8

3.8

3.0

(annualized ratio) (%)

6.6

7.0

5.5

7.6

6.0

Capital Ratio (Note 4) (%)

44.0

47.9

49.7

50.5

51.1

(vs prior FP) (%)

(0.2)

3.9

1.8

0.8

0.6

Distribution Payout Ratio (Note 4) (%)

100.0

100.0

100.0

100.0

100.0

Number of Days for FP (days)

184

181

184

181

184

Number of Invested Asset as of End of FP

23

25

25

25

25

Depreciation Expenses (in JPY mln)

913

1,258

1,451

1,452

1,453

2030

CAPEX (in JPY mln)
Rental NOI (Note 4) (in JPY mln)

44

107

56

32

69

1,918

2,902

3,005

3,422

3,053

FFO (Funds from Operation) (Note 4) (in JPY mln)

1,630

2,332

2,574

2,961

2,667

FFO per Unit (Note 4) (in JPY)

7,053

6,031

6,658

7,660

6,897

Interest-bearing Liabilities Ratio (Note 4) (%)

55.3

51.5

49.5

48.8

48.3

(Note 1) Fiscal periods of the fund are six months for January 1 to June 30 and July 1 to December 31 every year.
(Note 2) Unless otherwise described, the numbers are rounded down and the ratio are rounded up or down.
(Note 3) The calculation methods are as below.

Information for Unitholders

16

(0.6)

Interest-bearing Liabilities (in JPY mln)

[Other Information]

20,0000Total Net Assets (in JPY mln)

Return on Assets

Ordinary Income / { (Total Assets at Beginning of FP + Total Assets at End of FP) / 2 } x 100

Return on Capital

Net Income / { (Net Assets at Beginning of FP + Net Assets at End of FP) / 2 } x 100

June 30 and December 31 (payment is to be made within 3 months after the date)

Capital Ratio

Net Assets at End of FP / Total Assets at End of FP x 100

Distribution Payout Ratio

DPU excl. distribution in excess of earnings / Net Income x 100

Listed financial instruments exchangeTokyo Stock Exchange (securities code: 9284)

Rental NOI

Rental Revenue for renewable energy power generation facilities – Rental Expenses for renewable energy power
generation facilities + Depreciation Expenses

Unitholders’ meeting

Once a every 2 years

FFO

Net Income + Depreciation Expenses + Profit from sales of renewable energy power generation facilities

FFO per unit

FFO / The number of total issued units

Public announcement newspaper

Nihon Keizai Shimbun (Nikkei)

Interest-bearing Liabilities Ratio

Interest-bearing Liabilities / Total Assets x 100

Administrator of unitholder list etc.

Sumitomo Mitsui Trust Bank, Limited[Contact information]

Izumi 2-8-4, Suginami-ku, Tokyo 168-0063
Sumitomo Mitsui Trust Bank, Limited
TEL: 0120-782-031

End of fiscal period

June 30 and December 31

Dividend payment record date

(Note 4) Deductible amount for unitholders’ capital is deducted from the gross amount of unitholders’ capital.

17

Ⅰ. Asset Management Report(2) Overview of the Fiscal Period under Review

a. Brief History of Canadian Solar Infrastructure Fund
Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as “CSIF”) was established on May 18, 2017 with money invested of 150
million yen (1,500 units) by Canadian Solar Asset Management K.K. (hereafter referred to as the “Asset Manager”) as the founder under the
Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951 including subsequent amendments; hereinafter referred to as
the “Investment Trusts Act”). Registration with the Kanto Local Finance Bureau was completed on June 9, 2017 (registration number 127,
filed with the Director of the Kanto Local Finance Bureau).
CSIF issued additional investment units (177,800 units) through a public offering on October 27, 2017, listed its investment units on Tokyo
Stock Exchange Inc.’s (hereinafter referred to as the “Tokyo Stock Exchange”) Infrastructure Fund Market on October 30, 2017 (security
code: 9284), and issued new investment units (2,890 units) through third-party allotment on November 28, 2017.
In addition, CSIF issued new investment units (46,667 units) through public offering on September 5, 2018 and issued new investment
units (2,333 units) through third-party allotment on October 4, 2018.
CSIF then issued new investment units (151,500 units) through public offering on March 5, 2021 and issued new investment units (3,966
units) through third-party allotment on April 7, 2021.
As a result of the above, the total units issued at the end of the fiscal period under review (as of December 31, 2022) were 386,656 units.
b. Investment Environment and management performance for the fiscal period under review
Regarding the Japanese economy during the fiscal period under review, the second preliminary estimate of the real GDP in JulySeptember 2022 was down 0.2% quarter on quarter (or down 0.8% on an annualized basis). This is higher than the first preliminary
estimate. In July-September 2022, the Japanese economy showed negative growth. However, this is due chiefly to a massive increase inservice exports that are seen to be temporary. The Japanese economy is thought to be better than suggested by the real GDP growth rate,
given that consumer spending, capital investment and exports soared. It is estimated that the real GDP in October-December 2022 will bepushed up by a reactionary fall in service exports and by consumer spending, capital investment and other factors. It is expected that
consumption driven by inbound tourists, which is a component of service exports, will increase. Meanwhile, the current COVID-19 infection
situation is deteriorating. This could slow the turnaround of consumer spending. Attention must be paid to the growing downward risk
regarding export goods for the United States, Europe and China.
The Russian invasion of Ukraine triggered a global price surge in energy resources in 2022. In addition, the yen depreciated sharply,
severely impacting the Japanese economy. Although constraints on energy supply have been continuing, mainly because of the prolonged
invasion, the economy is currently calm, with a peaking of both the crude oil price and the U.S. dollar-yen exchange rate.
The U.S. FRB reduced the pace at which it is increasing the federal funds rate target range from 75 basis points to 50 in the FOMC
meeting on December 13-14, 2022. Vigilant about being seen as easing its monetary policy, the Federal Reserve commented that it wasvital to pay attention to the time required for the policy to affect the real economy, hinting that it would be maintaining a monetary policy forthe time being. The Bank of Japan decided to widen the range of yield curve control (YCC) from the conventional approximate range ofnegative 0.25% to 0.25% to a range of negative 0.5% to 0.5% in the financial policy decision meeting on December 19-20, 2022. Effectively,that was an interest rate increase. In contrast with the interest rate hikes in different countries, Japan had retained its low interest rate. This
move corrected the fast depreciation of the Japanese currency to the U.S. dollar, that started in the middle of the year. Japan adopted apolicy that was to some extent in line with other countries. However, the Bank of Japan set out a policy of delaying any further tightening in
its policy meeting on January 17-18, 2023.
Meanwhile, during the fiscal period under review, conditions in the Infrastructure Fund Market were such that investment corporations
maintained relatively stable business operations even in the economic environment described above. The TSE Infrastructure Fund Index
remained stable in the second half of 2022, as in the first half. On July 7, it hit the lowest level during the period at 1,124.74. After that, itsoared to reach the high of 1,203.77 on October 31. It ended the fiscal period at 1,159.63 on December 29. It fluctuated within a relatively
narrow range during the period.
“Output curtailment,”which is implemented by an electricity transmission and distribution business operator (Note 1) to adjust the supplydemand balance, was implemented in the Kyushu Electric Power jurisdiction with respect to “renewable energy power generation facilities”(Note 2) held by CSIF, for one day in September, three days in October, two days in November, and one day in December, totaling 7 days
during the period under review. This was much less frequent than in the same period of the previous year. This result is consistent with thefact that the annual curtailment rate for fiscal 2022 was estimated to decrease compared to the previous year at the beginning of the fiscal
year, partly because of the effect of the shift to the online curtailment control system in the Kyushu Electric Power jurisdiction. Some output
curtailments were introduced in the areas served by Tohoku Electric Power, Chugoku Electric Power and Shikoku Electric Power in April
2022, followed by their introduction in the area served by Hokkaido Electric Power in May 2022.
While these developments need to be monitored in the future, one day curtailment in the Chugoku Electric Power jurisdiction was
implemented during the fiscal period under review.
On October 22, 2021, the Cabinet approved the 6th Strategic Energy Plan. The 6th Strategic Energy Plan focuses on indicating thedirection of energy policies for the achievement of carbon neutrality by 2050 (goal declared in October 2020) along with the new target of
reducing greenhouse gas emissions 46% by FY2030 and trying to push the reduction as high as 50% (targets declared in April 2021) (Note3). It mentions overcoming issues in Japan’s energy supply-and-demand structure (Note 3) is also an important theme. In connection withthe second theme, it adds that Japan will strive to increase energy security and the efficiency of energy cost while promoting climate change
countermeasures (S+3E) (Note 3).
The ambitious new power-source composition for 2030 would be 36-38% for renewable energy (up from 22-24% in the previous projectedmix), approximately 1% for hydrogen and ammonia (up from nearly 0%), 20-22% for nuclear power (unchanged), around 20% for LNG(down from 27%), around 19% for coal (down from 26%) and approximately 2% for oil (down from 3%). The renewable energy mix would bearound 14-16% for solar power, around 5% for wind power, approximately 1% for geothermal power, nearly 11% for hydroelectric power andaround 5% for biomass (Note 3).
In April 2022, the 2020 revision of the Act on Special Measures Concerning Promotion of Utilization of Electricity from Renewable Energy
Sources came into force to introduce a system for reserving funds for the future discarding and other disposal of solar power generation
facilities (Note 4). First, this system is applicable for all solar power generation projects with an output of 10 kW or more approved for a feedin tariff (FIT) or feed-in premium (FIP) scheme, including projects with multiple solar power generation facilities. Second, this system obliges
the approved operators to, in principle, externally reserve funds for disposal at the Organization for Cross-regional Coordination ofTransmission Operators, Japan through direct withholding of the required amounts from revenue. However, in exceptional cases, internal
reserve will be permitted provided certain requirements are satisfied, and listed infrastructure funds will also be permitted to opt for internal

18

reserve upon satisfying certain conditions such as recording funds in their financial statements in an appropriate manner.
Regarding generation-side charges, the 6th Strategic Energy Plan states that the government will continue its consideration of smooth
introduction of the generation-side charge program, including whether or not it is necessary to do so, under the policy of prioritizing
renewable energy on the basis of S+3E. After determining that it would be difficult to make an early decision for various reasons, theSubcommittee on Mass Introduction of Renewable Energy and Next-Generation Electricity Networks met on December 24, 2021 andannounced that, regarding the collection of funds for power transmission and distribution, including generation-side charges, it will be
discussed by the relevant councils to reach a conclusion within 2022 with a view towards achieving it as soon as possible, envisioning its
realization in FY2024. At a meeting of the same subcommittee on December 6, 2022, members discussed the treatment of FIT and FIP
power sources for the implementation of generation-side charges and the introduction of renewable energy sources. In addition, they
discussed what generation-side charges should be like for pumped storage hydropower and storage batteries in view of their peculiarities.
As a result, they published a policy for the smooth introduction of generation-side charges. The policy includes the application of generationside charges for power sources that have already gained FIT or FIP approval after the termination of the term of their FIT or FIP agreement,
the calculation of the purchase prices to be considered for new FIT- or FIP-approved sources, and encouraging operators of non-FIT
sources and those which have ceased to be under the FIT scheme to take some measures such as bilateral contracts and to smoothly andcompletely incorporate generation-side charges into selling prices. For pumped storage power generation and storage batteries, they
concluded that charges based on kilowatts alone be levied and those based on kilowatt-hours be exempted, given that financial burdens
would be heavier than those on other power sources.
Under such conditions, during the fiscal period under review, CSIF did not acquire any new assets nor sell any of the assets it owns but it
continued to be the largest operator among listed infrastructure funds as of the end of the fiscal period under review, holding a portfolio
consisting of 25 facilities (with a total panel output (Note 5) of 183.9 MW, a total acquisition price (Note 6) of ¥80,000 million, and a total price(Note 7) of ¥75,510 million as of the end of the fiscal period under review.

(Note 1) For the purposes of this report, the term “electricity transmission and distribution business operator” collectively
refers to a general electricity transmission and distribution business operator (refers to a “general electricity
transmission and distribution business operator” defined in Article 2, Paragraph 1, Item 9 of the Electricity BusinessAct (Act No. 170 of 1964; including subsequent amendments; hereinafter referred to as the “Electricity Business Act”)
and specified electricity transmission and distribution business operator (refers to “specified electricity transmission
and distribution business operator” defined in Article 2, Paragraph 1, Item 13 of the Electricity Business Act).
(Note 2) For the purposes of this report, the term “renewable energy power generation facilities” refers to renewable energy
power generation facilities (excludes facilities which fall into the category of real estate) defined in Article 2, Paragraph
2 of the Act on Special Measures Concerning Promotion of Utilization of Electricity from Renewable Energy Sources(Act No. 108 of 2011, including subsequent amendments; hereinafter referred to as the Renewable Energy Special
Measures Act). The Renewable Energy Special Measures Act before amendment based on the Act for Partial
Amendment of the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources
by Electricity Utilities (2016 Act No. 59) is referred to as the “2016 Renewable Energy Special Measures Act” and theRenewable Energy Special Measures Act after amendment based on the Act to Partially Amend the Electricity
Business Act and Other Acts in Order to Establish a Resilient and Sustainable Electricity Supply System (Act No. 49
of 2020) is referred to as the "2020 Renewable Energy Special Measures Act.”). For the purposes of this report,“renewable energy generation facilities, etc.”refers collectively to renewable energy generation facilities, and realestate, real estate leases (includes subleases) and land lease rights (hereinafter referred to as the “site, etc.”)
necessary to install maintain and operate renewable, energy generation facilities. Hereinafter, any mention of“renewable energy power generation facilities” or “renewable energy power generation facilities, etc.” which CSIF is
said to have invested in or acquired or operate shall also cover “renewable energy power generation facilities” and“renewable energy power generation facilities, etc.” that support CSIF’s assets under management. The same shallapply hereunder. Renewable energy may also hereinafter sometimes be referred to as “renewables.”(Note 3) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural
Resources and Energy in October 2021.
(Note 4) The term “photovoltaic power generation facilities” refers to renewable energy power generation facilities thatgenerate electricity using sunlight as an energy source. The same shall apply hereunder. The term “photovoltaic
power generation facilities” refers to photovoltaic power generation facilities as well as their site, etc. The same shallapply hereunder.
(Note 5) “Panel output” shall mean output calculated by multiplying rated output per solar cell module (meaning the maximum
output stated in specifications of solar cell module) used in each solar energy facility by the total number ofpanels.”Total panel output” shall mean the total panel output rounded off to one decimal place. The same shall apply
hereunder.
(Note 6)The term “acquisition price” represents transaction price (excluding remuneration for business outsourcing
concerning the acquisition of assets and other acquisition costs, property taxes, city planning taxes, amountequivalent to consumption taxes, etc. and other commissions, etc.; the same shall apply hereunder) specified in thesales agreement for each asset held. The term “total acquisition price” is total of the transaction prices specified in thesales agreements for all the assets held rounded down to the nearest ten million yen. The same shall apply
hereunder.
(Note 7) The term “price” refers to the price calculated based on appraised value as of the end of the fiscal period underreview. The price of the renewable energy power generation facilities at power plants from S-01 through S-18 is thetotal intermediate value calculated by CSIF pursuant to paragraph 1, Article 41 of its Articles of Incorporation, using
the appraised value as of December 31, 2022 in the range stated in the valuation report obtained fromPricewaterhouseCoopers Sustainability LLC. The appraised value of renewable energy power generation facilities at
power plants from S-19 through S-25 is the total appraised value as of December 31, 2022, stated as the median in
the valuation report obtained from Kroll K.K., rounded down to the nearest ten million yen.

c. Overview of Financing
In the fiscal period under review, CSIF has not raisen any additional funds, including the issuance of new investment units, borrowing offunds, and issuance of investment corporation bonds. However, during the fiscal period under review, CSIF made a contractual repayment of¥1,116 million at the end of the fiscal period under review, bringing the total amount of interest-bearing debt as of the end of the fiscal period

19

Ⅰ. Asset Management Reportunder review to ¥37,688 million (amount of borrowings ¥32,788 million and amount of investment corporation bonds ¥4,900 million).
Consequently, the ratio of interest- bearing debt to total assets (ratio of interest-bearing debt to total assets at the end of fiscal period) was
48.3%.
As of the date of this document, CSIF received a bond rating for investment corporation bonds from the following rating agency.
Rating status of CSIF as of the date of this document
Rating Agency

Rating Subject

Date

Rating Outlook

A－

investment corporation bonds with limited inter-bond pari

October 27, 2017
November 28, 2017
September 5, 2018

passu clause and for qualified institutional investors only)
The 1st Unsecured Investment Corporation Bond

September 14, 2018

(Specified investment corporation bonds with limited inter-Abond pari passu clause)－(Green bonds)

October 4, 2018
March 14, 2019

CSIF received a credit rating from the following rating agency.

September 17, 2019

Rating status of CSIF as of the date of this document
Rating Agency

Rating Subject

Rating and Investment
Information, Inc. (R&I)
Japan Credit Rating Agency,
Ltd. (JCR)

Total number of investment units
issued and outstanding (units)

Establishment upon private
placement
Capital increase by public
offering
Capital increase by thirdparty allotment
Capital increase by public
offering
Cash distribution in excessof earnings (refund ofinvestment)
Capital increase by thirdparty allotment
Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)

Balance

Total amount of unitholders' capital(Note 1) (million yen)
ChangeRemarks

Balance

1,500

1,500

150

150

(Note 2)

177,800

179,300

16,891

17,041(Note 3)2,890

182,190274

17,315(Note 4)

46,667

228,857

4,509

21,824(Note 5)－

228,857(147)

21,677(Note 6)2,333

231,190

225

21,902(Note 7)－

231,190(420)

21,482(Note 8)－231,190(133)

21,349(Note 9)－231,190(309)

21,039(Note 10)－

231,190(163)

20,876(Note 11)

RatingRating Outlook

March 17, 2020

A-

StableSeptember 15, 2020

A

StableMarch 5, 2021

Capital increase by public
offering

151,500

382,690

18,10638,982(Note 12)

March 16, 2021

Cash distribution in excessof earnings (refund ofinvestment)－

382,690(138)

38,843(Note 13)

April 7, 2021

Capital increase by thirdparty allotment

3,966

386,656474

39,317(Note 14)-386,656(357)

38,960(Note 15)-

386,656(327)

38,632(Note 16)Long-term Issuer Ratingd. Overview of Business Performance and Distibution
As a result of the management described above, the business results in the fiscal period under review included operating revenue of¥3,715 million, operating income of ¥1,383, ordinary income of ¥1,214, and net income of ¥1,213 million.
With respect to distributions, the cash distribution policy set out in Article 47, Paragraph 1 of the Articles of Incorporation of the Investment
Corporation stipulates that the amount of distributions shall exceed the amount equivalent to 90% of “profit available for distribution” asprovided for in Article 67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of 1957 including subsequent amendments,
hereinafter the “Special Measures Taxation Act”.
In addition, distributions in excess of earnings are calculated on the premise that such distributions will generally be made in accordancewith the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset management guidelines
formulated as part of its internal regulations.
CSIF intends to make cash distributions to its unitholders for each fiscal period from free cash flow (hereinafter referred to as “FCF”)
generated by its renewable energy power generation facilities, in amounts determined in the following manner. The amount available for
distribution shall be calculated by multiplying FCF, that is net cash flow (hereinafter referred to as ”NCF” CSIF shall incorporate the total
amount of NCF remaining after deducting distributions for the preceding fiscal periods in calculating NCF) to be vested to equity investors
after deducting FCF payable to debt investors, by a certain ratio (hereinafter referred to as “payout ratio”; the payout ratio for the 11th fiscal
period is 77.1%) determined by CSIF in light of the amount of NCF for each fiscal period.
At the same time, CSIF intends to maintain a stable level of distributions for the time being. In determining the payout ratio describedabove, CSIF will consider the forecast NCF for each fiscal period to realize that level of distributions.
In addition to a cash distribution within the range of profit, CSIF intends to make distributions in excess of earnings for each fiscal period
on a continuous basis in order to realize this policy.
In developing its performance forecast (including any revisions thereof) for each fiscal period, in the case where NCF calculated from
actual energy output in a fiscal period (hereinafter referred to as “actual NCF” CSIF shall incorporate the total amount of NCF remaining after
deducting distributions for the preceding fiscal periods in calculating actual NCF) exceeds NCF projected for the fiscal period (hereinafterreferred to as “projected NCF”; CSIF shall incorporate the total amount of NCF remaining after deducting distributions for the preceding fiscal
periods in calculating projected NCF) on the basis of an energy output value projected by professional specialists (P50) (Note) which forms
the foundation for the calculation of rents with regard to the renewable energy power generation facilities, CSIF intends to limit the cash
distribution to the amount of projected NCF multiplied by the payout ratio for said fiscal period.
On the other hand, in the case where actual NCF is equal to or below projected NCF, CSIF intends to make a cash distribution for the
fiscal period at the amount of actual NCF multiplied by the payout ratio.
Based on the above policy, CSIF decided to make a distribution for the fiscal period under review of ¥1,449,960,000, equivalent to 77.1%
of projected NCF for the period of ¥1,880,540,436. Dividend per investment unit is ¥3,750 for the fiscal period under review.

20

Event

ChangeMay 18, 2017

Rating

The 1st Unsecured Investment Corporation Bond (Specified

Japan Credit Rating
Agency, Ltd. (JCR)(3) Summary of Public Offering etc.

September 15, 2021
March 15, 2022

Cash distribution in excessof earnings (refund ofinvestment)
Cash distribution in excessof earnings (refund ofinvestment)(Note 1) The amount of deduction of total amount of unitholders’ capital is deducted.
(Note 2) In the establishment of the CSIF, the investment units were issued at an issue price of ¥100,000 per unit. The party who applied for subscription of investment units upon
the establishment is Canadian Solar Projects K.K.
(Note 3) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of ¥100,000 (issue value of¥95,000) per unit.
(Note 4) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥95,000 per unit for the purpose of appropriation to a part of
the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 5) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of ¥102,180 (issue value of¥96,625) per unit.
(Note 6) CSIF decided, at a meeting of its Board of Directors held on August 14, 2018, to pay a cash distribution in excess of earnings (refund of investment) in an amount of ¥808
per unit for the second fiscal period (ended June 30, 2018), and began to pay it from September 14, 2018.
(Note 7) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥96,625 per unit for the purpose of appropriation to a part of
the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 8) CSIF decided, at a meeting of its Board of Directors held on February 15, 2019, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥1,817 per unit for the third fiscal period (ended December 31, 2018), and began to pay it from March 14, 2019.
(Note 9) CSIF decided, at a meeting of its Board of Directors held on August 13, 2019, to pay a cash distribution in excess of earnings (refund of investment) in an amount of ¥577
per unit for the forth fiscal period (ended June 30, 2019), and began to pay it from September 17, 2019.
(Note 10) CSIF decided, at a meeting of its Board of Directors held on February 13, 2020, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥1,340 per unit for the fifth fiscal period (ended December 31, 2019), and began to pay it from March 17, 2020.
(Note 11) CSIF decided, at a meeting of its Board of Directors held on August 14, 2020, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥708 per unit for the sixth fiscal period (ended June 30, 2020), and began to pay it from September 15, 2020.
(Note 12) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of ¥125,115 (issue value of¥119,517) per unit.
(Note 13) CSIF decided, at a meeting of its Board of Directors held on February 17, 2021, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥601 per unit for the seventh fiscal period (ended December 31, 2020), and began to pay it from March 16, 2021.
(Note 14) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥119,517 per unit for the purpose of appropriation to a partof the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 15) CSIF decided, at a meeting of its Board of Directors held on August 13, 2021, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥924 per unit for the eighth fiscal period (ended June 30, 2021), and began to pay it from September 15, 2021.
(Note 16) CSIF decided, at a meeting of its Board of Directors held on February 14, 2022, to pay a cash distribution in excess of earnings (refund of investment) in an amount of¥848 per unit for the ninth fiscal period (ended December 31, 2021), and began to pay it from March 15, 2022.

21

Ⅰ. Asset Management Report(4) Historical Distributions

Based on the unappropriated earnings of JPY 1,213 million for the 11th FP, after a rounding down for the amount below JPY 1 million, JPY
1,213 million is the distribution for profit, and JPY 236 million is the distribution in excess of earnings as the distribution as Redemption of
Capital based on Tax Law. As a result, JPY 3,750 is the DPU for the period.
l Period
Unappropriated Earnings or Undisposed Losses(in JPY thousand)7th FP

8th FP

9th FP

10th FP

11th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

Fr. Jan. 1, 2021
To Jun. 30, 2021

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

Fr. Jul. 1, 2022
To Dec. 31, 2022

716,565

1,073,432

1,122,287

1,509,284

1,213,566

Retained Earnings (in JPY thousand)Total Distribution (in JPY thousand)

108

75

211

165

239

855,4031,430,627

1,449,960

1,509,118

1,449,960(DPU, in JPY)
Distribution for Profit (in JPY thousand)(3,700)(3,700)(3,750)(3,903)（3,750）716,457

1,073,357

1,122,075

1,509,118

1,213,326(Distribution for Profit per Unit, in JPY)

(3,099)(2,776)(2,902)(3,903)（3,138）Distribution in Excess of Earnings (in JPY
thousand)

138,945357,270

327,884－

236,633(Distribution in Excess of Earnings per Unit, in
JPY)

(601)

(924)

(848)

(－)

（612）

Distribution from Allowance for Adjustment for
Temporary Difference out of Distribution in Excessof Earnings (in JPY thousand)

－

－

－

－

－

(Distribution from Allowance for Adjustment for
Temporary Difference per Unit out of Distribution in
Excess of Earnings per Unit, in JPY)

(－)

(－)

(－)

(－)

（－）

138,945357,270

327,884－

236,633

(601)

(924)

(848)

(－)

（612）

Distribution as Redemption of Capital based on
Tax Law (in JPY thousand)(Distribution as Redemption of Capital based on
Tax Law, in JPY)

(Note) The fund had made distribution in excess of earnings every FP based on its article 47.2. Based on this policy, JPY 236mln which is 16.3% of the depreciation expenses,
JPY 1,453mln, is to be distributed as the distribution in excess of earnings (Distribution as Redemption of Capital based on Tax Law). As a result, JPY 3,750 is DPU for the
11th FP.

(5) Operational Policy and Agendas in the Futurea. Outlook for the Future Management
Considering the economic outlook in Japan during the first half of 2023, although the number of COVID-19 infections and the number ofdeaths continue to be at a certain level, policies for the endemic COVID-19 era, whose goal is the revitalization of economic activity while
tolerating a certain level of infection, are widespread. Japan is now seeing economic activity rally, mainly in service consumption.
Meanwhile, both the global surge in prices for energy resources caused by Russia’s invasion of Ukraine and the worldwide increase ofinterest rates are currently calming down. Since they are both thought to significantly impact the Japanese economy, it is necessary tocontinue monitoring them.
With respect to the environment surrounding photovoltaic power generation facilities that are included in renewable energy power
generation facilities, the 6th Basic Energy Plan states that a crucial part of energy policies for 2030 (Note 1) is to ensure, with “S+3E” as thebasic premise, that renewables become a major power source and to focus on renewables as an overriding principle, encouraging maximum
adoption whilst reducing the impact on Japanese people and seeking co-existence with local communities (Note 1), and the 2030 energy mix
also indicates an increase in the share of renewables, setting ambitious forecasts.
However, as stated in “(I. Process of Asset Management in the Fiscal Period under Review) b. Investment Environment and Management
Performance for the Fiscal Period Under Review” above, the output curtailment that requires renewable energy power generation operators
to temporarily suspend power generation through photovoltaic power generation facilities, etc. was resumed in areas under the jurisdiction of
Kyushu Electric Power from October 2019. In addition, some output curtailments were introduced in the Tohoku Electric Power, Chugoku
Electric Power and Shikoku Electric Power jurisdictions in April 2022 and in the Hokkaido Electric Power jurisdiction in May 2022. It was alsoannounced that 10-500 kW commercial solar photovoltaic systems connected to the grid under the old rule (Note 2), which were previously
not subject to output curtailment, will also become subject to output curtailment. Furthermore, at a meeting of the Subcommittee on Mass
Introduction of Renewable Energy and Next-Generation Electricity Networks held on December 24, 2021, the idea that lowering theminimum output of thermal power generation facilities would be an effective way to reduce the output curtailment of renewables was put
forward. Further consideration of this idea could potentially lead to solar power generation facilities that are currently subject to output
curtailment being less affected in the future.
As mentioned in b. Investment Environment and management performance for the fiscal period under review in I. Overview of the Fiscal
Period under Review above, discussions are underway regarding the exemption of FIT- or FIP- approved power sources from generationside charges during their FIT or FIP term. This means that it would no longer be necessary to take into account the negative impact, which
was expected to be imposed on CSIF’s management on performance in and after 2024.
As stated in “(I. Process of Asset Management in the Fiscal Period under Review) b. Investment Environment and Management
Performance for the Fiscal Period Under Review” above, the 2020 Amendment to the Renewable Energy Special Measures Act was enacted
in April 2022. Under this act, various measures such as the FIP system, system for nullifying approvals and reserve of decommissioning
costs for solar power generation facilities were introduced.

(Note 1) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural
Resources and Energy in October 2021.
(Note 2) Even when a grid-connected business operator has implemented the preventive measures defined in the Ordinance

22

for Enforcement of the Act on Special Measures Concerning the Promotion of the Use of Renewable Energy
Electricity (METI Ordinance No. 46 of 2012, including subsequent amendments), if the amount of electricity suppliedby grid-connected business operators is expected to exceed demand, output curtailment without compensation under
the connection agreement may be required. The rule setting the maximum number of days of such output curtailment
at 30 days a year (360 hours a year in some cases) is referred to as the “30-day rule” (the rule when the maximum
duration is 360 hours a year is referred to as the “360-hour rule”) and the 30-day rule and the 360-hour rule arereferred to collectively as the “old rule.” The same shall apply hereunder.
b. Future Management Policy(i) External Growth Strategy
The Canadian Solar Group (Note 1), which is the Sponsor belongs, adopts the vertical integration model (Note 2) that has developed
mainly in the photovoltaic power generation market in Europe and America and applies this model in the global market, including Japan.
CSIF considers that mutual cooperation between the Group and CSIF (engaging in investment in and management of photovoltaic power
generation facilities) through the Sponsor Group (Note 4) based on the vertical integration model for the construction of the value chain (Note5) with the aim of creating mutual value should lead to the enhancement of value for unitholders.
Specifically, CSIF intends to acquire promising solar power generation facilities developed by the Sponsor Group to increase assets
utilizing the preferential trading negotiation right granted by the Sponsor Group.
In February 2021, Canadian Solar Group partnered with Macquarie Advisory & Capital Solutions (hereinafter referred to as “Macquarie”),
the advisory and capital markets arm of the Macquarie Group (ASX:MQG) to establish Japan Green Infrastructure Fund (hereinafter referred
to as the “Fund”), which will invest in renewable energy power generation facilities, etc., in Japan. Working with Canadian Solar Inc. andMacquarie, the Fund has secured ¥22 billion of committed capital to develop, build and accumulate new renewable energy power generation
facilities, etc. in Japan, and it aims to catalyze large-scale investments within its six-year fund term. The Fund will indirectly invest in
renewable energy power generation facilities, etc. by holding a silent partnership equity interest (hereinafter referred to as the “Silent
Partnership Equity Interest”) in SPCs of the Sponsor Group. The renewable energy power generation facilities, etc. targeted for investment
will include not only renewable energy power generation facilities, etc. developed by the Sponsor but also renewable energy power
generation facilities, etc. in the seed stage that have been partway developed by a third party and that the Sponsor is expected to complete.
In this way, the Fund will support the development of renewable energy power generation facilities, etc. not only in terms of improving theefficiency of development of renewable energy power generation facilities, etc. by the Sponsor (accelerating development via financial
contributions from the Fund) but also in terms of identifying third party seed projects. These renewable energy power generation facilities,
etc. will be subject to the preferential trading negotiation right granted to CSIF and the Asset Manager by the Sponsor in accordance with theSponsor Support Agreement executed between CSIF, the Asset Manager and the Sponsor. In addition to said preferential trading
negotiation right granted under the Sponsor Support Agreement, CSIF and the Asset Manager have also acquired a preferential trading
negotiation right in relation to the Silent Partnership Equity Interest held by the Fund in accordance with an Agreement Concerning Grantingof Preferential Negotiation Right executed on March 30, 2021 between CSIF, the Asset Manager and Green Infrastructure Fund Pte. Ltd.,
which is the General Partner of the Fund. CSIF believes that establishment of the Fund will accelerate the development of projects by theSponsor, thereby enhancing the pipeline(Note 6) and opening up further opportunities for CSIF.
Further, CSIF will strive to diversify acquisition routes, including acquiring assets from third parties through the Asset Manager’s own
network, whilst at the same time putting emphasis on acquisitions from the Sponsor. Moreover, CSIF will aim for further external growththrough the use of diverse acquisition methods including acquiring assets via the Fund and the bridge fund in addition to direct acquisitions
from sellers.

(Note 1) The “Canadian Solar Group” refers to the consolidated corporate group with Canadian Solar Inc. (headquartered in
Canada) at the top to which the Sponsor (Canadian Solar Projects K.K.) belongs. The same shall apply hereunder.
(Note 2) The term “vertically integrated model” means a business model where a broad spectrum of business domains acrossthe photovoltaic market, ranging from the planning, manufacture and sales of solar modules to the provision of EPC
and O&M (Note 3) services, are vertically integrated. The same shall apply hereunder.
(Note 3) “O&M” is an abbreviation of Operation & Maintenance. The same shall apply hereunder.
(Note 4) The “Sponsor Group” collectively refers to (i) the Sponsor (Canadian Solar Projects K.K.), (ii) special purpose
companies (they may be hereinafter referred to as “SPCs”), partnerships or other funds with which the Sponsor hasentered into the asset management service agreement, (iii) Canadian Solar O&M Japan K.K. (it may be hereinafterreferred to as “CSOM Japan”) and (iv) special purpose companies, partnerships or other funds in which the Sponsor
or its subsidiary own a majority interest. The same shall apply hereunder.
(Note 5) The term “value chain” generally refers to a relationship between processes such that value is added cumulatively to
products and services with each process.
(Note 6) The Pipeline refers to those assets developed by the Sponsor Group or by the Canadian Solar Group for which CSIF
holds or will hold preferential trading negotiation rights.

(ii) Internal Growth Strategy
CSIF will contract out O&M to CSOM Japan, which is a wholly owned subsidiary of the Sponsor and provides O&M services in Japan, in
principle, for the availability of homogeneous O&M services to the extent that CSIF considers essential. CSIF aims to thereby reduce theoperational risk and operating costs by utilizing the services of CSOM Japan and placing a blanket order, respectively.
By making the most of the strong operation and management abilities realized by utilizing the global monitoring platform of the Sponsor
Group in the early discovery and repair of failures of power generation facilities, CSIF will aim to reduce the loss of power generation. In
addition, CSIF will implement the appropriate repair and facilities replacement of assets under management to maintain and enhance thevalue of assets from the medium- to long-term perspective, thereby securing stable revenue in the medium to long term.
In response to the output curtailment implemented by Kyushu Electric Power described in b. Investment Environment and Management
Performance for the Fiscal Period Under Review in in I. Overview of the Fiscal Period under Review above, CSIF carried out the modificationof individual power plants in its portfolio to support online output curtailment (which refers to output curtailment of photovoltaic power
generation facilities with a remote output controller installed, the same applies below) as it did in the previous fiscal period. While all theCSIF-owned power plants in the area served by Kyushu Electric Power are subject to the 30-day rule for output curtailment, the above
modifications required for online output curtailment led to a shift from the previous all-day curtailment to hourly curtailment and opened the23

Ⅰ. Asset Management Report
way for controlling the decrease in lease revenue due to a decline in energy output for reason of output curtailment. In addition, curtailment
within a day is counted as one day regardless of the duration, which allows the power plant to respond to output curtailment during peakdemand for electricity while complying with the 30-day rule. As a result of further progress shifting to the online output curtailment
arrangement, all photovoltaic power plants in Kyushu have shifted to online output curtailment. As a result, CSIF succeeded in reducing lostlease revenue due to curtailment compared with the same period of the previous year and this boosted operating revenue. In addition, CSIF
is currently gradually installing online output curtailment equipment at power plants outside the Kyushu region.
As part of its activities related to the Principles for Responsible Investment (UN PRI), the Asset Manager signed the UN PRI on August
13, 2019, and established the Approach to the Principles for Responsible Investment at the end of December 2020 as the basic ESG policyof the Asset Manager. Further, recognizing that climate change is an important environmental issue with potential risks and opportunities
when conducting business focused on the environmental pillar of ESG, we disclosed information about initiatives to address climate change
in line with the TCFD recommendations on February 14, 2022. On March 1, 2022, the Asset Manager established the Sustainability
Committee, which will be required to report to CSIF’s Board of Directors at least twice a year going forward. Meanwhile, CSIF established agreen finance framework (hereinafter referred to as the “Green Finance Framework”) for the financing of activities that will provide
environmental benefits, covering debt financing such as green bonds and green loans, and on May 11,2020, CSIF acquired the highest
green finance evaluation of Green 1(F) for the Green Finance Framework from Japan Credit Rating Agency, Ltd. (JCR), which is anindependent rating agency. Its Evaluation was updated in May, 2021.
Date of Evaluation

May 11, 2020

Evaluating Agency
Japan Credit Rating
Agency, Ltd. (JCR)

Fiscal Period

Overall

8th FP

9th FP

10th FP

11th FP

Dec. 31, 2020

Jun. 30, 2021

Dec. 31, 2021

Jun. 30, 2022

Dec. 31, 2022

10,000,000

10,000,000

10,000,000

10,000,000

10,000,000

Total Number of Units Issued

231,190386,656

386,656

386,656

386,656

Unitholders’ Capital (net) (Note) (in JPY mln)

20,87639,31738,96038,632

38,632The Number of Unitholders

11,746

17,931

18,48818,48918,184(Note) Deductible amount for unitholders’ capital is deducted from the gross amount of unitholders’ capital.

(2) Major Unitholders List

Major unitholders as of December 31, 2022 are as follows.
Name

Green 1 (F)Greenness (use of proceeds)g 1 (F)Management, Operation and Transparency

m 1 (F)(Note 1) Part of the expenses for procuring FIT electric power is covered by the FIT surcharges paid by power consumers.
Electricity retailers need to inform of this to consumers.
(Note 2) To present to consumers that the electric power they sell is effectively derived from renewable energy, electricity
retailers must separately purchase non-fossil certificates according to the energy output sold and use them.
(Note 3) A FIT Non-Fossil Certificate is a certificate representing the renewable energy value of the electric power purchased
under the FIT scheme that is traded on the Non-Fossil Value Trading Market operated by Japan Electric Power
Exchange (hereinafter referred to as “JPEX”)(iii) Financial Strategy
To secure stable revenue and ensure the growth of the managed assets of CSIF, CSIF will consider financing by public offering,borrowings and other means in the acquisition of new assets, while watching changes in the financing environment closely.

(6) Facts arising after the settlement of accounts

7th FP

The Number of Units Allowed for Issuance

Evaluation

CSIF successively signed specified wholesale supplying agreements with Zero Watt Power Inc. for CS Izu-shi Power Plant, CS Ōgawaramachi Power Plant, CS Mashiki-machi Power Plant and CS Hiji-machi Dai-ni Power Plant. These plants are part of the assets owned by
CSIF. The agreements help these electricity retailers sell FIT electric power (Note 1) or electric power effectively derived from renewaCSIF
successively signed specified wholesale supplying agreements with Zero Watt Power Inc. for CS Izu-shi Power Plant, CS Ōgawara-machi
Power Plant, CS Mashiki-machi Power Plant and CS Hiji-machi Dai-ni Power Plant. These plants are part of the assets owned by CSIF. The
agreements help these electricity retailers sell FIT electric power (Note 1) or electric power effectively derived from renewable energy (Note2). In addition, CSIF announced the Notice concerning the Conclusion of an Agreement Concerning the Granting of Tracking Information on
Solar Power Plants Owned by CSIF on September 29, 2022. As was mentioned there, CSIF signed a new agreement with power consumer,
unidentified under non-disclosure agreements with them, for the granting of information on renewable energy power plants (hereinafterreferred to as “tracking information”) added to the FIT Non-Fossil Certificates for CS Daisen-cho Power Plant (A), CS Daisen-cho Power
Plant (B) and CS Marumori-machi Power Plant. CSIF is thus taking actions towards decarbonization in response to the increasing needs ofpower consumers for renewable energy. These actions also support the global RE100 initiative, which aims to make 100% of the energy
consumed in business activities renewable energy.

Not applicable

2. Overview of Fund Corporation(1) Summary of Invested Capital

Ratio vs Total Number of Units Issued(%)

The Number of Units Held

Canadian Solar Project K.K.

56,620

14.64

THE BANK OF NEW YORK MELLON

10,8392.80

THE BANK OF NEW YORK

10,475

2.70

THE BANK OF FUKUOKA LTD.

7,830

2.02

SSBTC CLIENT OMNIBUS ACCOUNT

7,387

1.91

JP MORGAN CHASE BANK 385650

6,226

1.61

The Rokinren Bank

6,223

1.60

Custody Bank of Japan, Ltd. (trust account)

5,147

1.33

The Master Trust Bank of Japan, Ltd. (trust account)

4,490

1.16

JP MORGAN CHASE BANK 380646

4,087

1.05

Total

119,32430.86(Note) The ratio is rounded down to two decimal places.

(3) Summary of Executives

a.Executive Director, Supervisory Director and Accounting Auditor
Position
Executive Director

Name
Hiroshi Yanagisawa

Takashi Handa
Supervisory Director
Eriko Ishii
Accounting Auditor

Compensation(in JPY thousand)Concurrent Post
Representative director of Canadian Solar AssetManagement K.K.
Zuken Inc. (Audit and Supervisory board member)
IDERA Capital Management Ltd. (Audit and Supervisoryboard member)Polaris Holdings Co., Ltd. (Outside Director)

－

2,400

Shin Saiwai Law Office (Partner, Attorney at law)
Sophia Holdings Co., Ltd. (Director)

Grant Thornton Taiyo LLC

11,000－(Note 1) The executive directors and the supervisory director don’t hold the fund’s unit. Although the supervisory directors may be in a position of executive officer of any
corporations other than stated above, there is no conflict of interest related to the fund.
(Note 2) Compensation for the accounting auditor includes compensation for the audit of English financial statements and assessment of value of specified assets.
(Note 3) Overview of details of directors and officers liability insurance policy
CSIF has entered into a directors and officers liability insurance policy with an insurance company, as provided for in Article 116-3, Paragraph 1 of the Investment Trust Act.
This insurance policy covers lossses arising from claims for damages borne by the insureds due to errors, breach of duty, nonfeasance, etc.The above-mentioned Ececutive
Director and all of the Supervisory Directors are insureds under this insurance policy. However, CSIF does not cover losses and costs personally incurred by officers
through criminal acts and intentional illigal activities, such as bribery, as a measure to ensure that the proper performance of duties of officers, etc.,is not impaired.The fullamount of the insurance premium for this insurance policy excluding special contract is borne by CSIF.

b.The policy on decision of removal / not-to-reappoint of accounting auditor
Decision of removal is made based on Investment Trust Law and not-to-reappoint is made by unitholders’ meeting.

(4) Asset Manager, Asset Custodian and Administrator

Asset manager, asset custodian and administrator as of December 31, 2022 are as follows.
Delegated Position

24

Name

Asset Manager

Canadian Solar Asset Management K.K.

Asset Custodian

Sumitomo Mitsui Trust Bank, Ltd.

Administrator (Institutional Operation)

Sumitomo Mitsui Trust Bank, Ltd.

Administrator (Custodian of List of Unitholders)

Sumitomo Mitsui Trust Bank, Ltd.

Administrator (Accounting)

Ernst & Young Tax Co.

Administrator (Administration of Bond)

Mizuho Bank, Ltd.

25

Ⅰ. Asset Management Report(2) Major Assets List

3. Overview of Assets under Management

The summary of the top 10 assets as of December 31, 2022 is as follows.

(1) Composition of Assets and Regional Diversification
10th FPAs of Jun. 30, 2022
Type of asset

Region (Note 1)

Hokkaido/Tohoku
Kanto
Solar energy facility
Tokai
Chugoku/Shikoku
KyushuSubtotal
Hokkaido/Tohoku
Kanto
Land
Tokai
Chugoku/Shikoku
KyushuSubtotal
Hokkaido/Tohoku
Kanto
Tokai
Land lease
Chugoku/Shikoku
KyushuSubtotal
Hokkaido/Tohoku
Solar energy facility intrust
KyushuSubtotal
Hokkaido/Tohoku
Land in trust
KyushuSubtotal
Hokkaido/Tohoku
Kanto
Solar energy facility etc. Tokai
Chugoku/Shikoku
KyushuSubtotal
Solar energy facility etc. total
Saving/other assets
Asset total (Note 2)

Total Asset-UnderManagement (AUM)(‘000yen)(Note 2)
914,362
2,131,384
5,152,990
9,122,956
19,154,208
36,475,903
48,970648,591
63,309560,196
3,184,875
4,505,944
69,41759,197
332,4213,415
692,471
1,156,923
3,384,468
22,118,457
25,502,926
116,748
4,653,157
4,769,905
4,533,967
2,839,174
5,548,721
9,686,569
49,803,171
72,411,603
72,411,603
7,064,267
79,475,861

As of Dec. 31, 2022

% of total AUM(Note 3)

1.2
2.7
6.5
11.5
24.1
45.9
0.1
0.8
0.1
0.7
4.0
5.7
0.1
0.1
0.4
0.0
0.9
1.5
4.3
27.8
32.1
0.1
5.9
6.0
5.7
3.6
7.0
12.2
62.7
91.1
91.1
8.9
100.0

Total Asset-UnderManagement (AUM)(‘000yen)(Note 2)
893,206
2,075,481
5,081,615
8,895,539
18,671,713
35,617,556
48,970648,591
63,309560,196
3,184,875
4,505,944
69,41759,197
332,4213,415
692,471
1,156,923
3,326,739
21,650,730
24,977,470
116,748
4,653,157
4,769,905
4,455,082
2,783,271
5,477,346
9,459,151
48,852,948
71,027,800
71,027,800
6,958,203
77,986,003

Rental Revenue Earned by Infrastructure Asset(in JPY thousand)Name of Infrastructure Asset

11th FP% of total AUM(Note 3)

1.1
2.7
6.5
11.4
23.9
45.7
0.1
0.8
0.1
0.7
4.1
5.8
0.1
0.1
0.4
0.0
0.9
1.5
4.3
27.8
32.0
0.1
6.0
6.1
5.7
3.6
7.0
12.1
62.6
91.1
91.1
8.9
100.0

(Note 1) "Hokkaido/Tohoku" refers to Hokkaido, Aomori prefecture, Iwate prefecture, Akita prefecture, Miyagi prefecture, Fukushima prefecture and Yamagata prefecture. "Kanto"refers to Ibaraki prefecture, Tochigi prefecture, Gunma prefecture Tokyo, Kanagawa prefecture, Saitama prefecture, Chiba prefecture, Yamanashi prefecture, Nagano
prefecture and Niigata prefecture. "Tokai" refers to Shizuoka prefecture, Aichi prefecture, Gifu prefecture, Mie prefecture, Toyama prefecture, Ishikawa prefecture andFukui prefecture. "Chugoku/Shikoku" refers to Okayama prefecture, Hiroshima prefecture, Yamaguchi prefecture, Tottori prefecture, Shimane prefecture, Kagawa
prefecture, Kochi prefecture, Tokushima prefecture and Ehime prefecture. "Kyushu" refers to Fukuoka prefecture, Oita prefecture, Miyazaki prefecture, Kagoshima
prefecture, Kumamoto prefecture, Nagasaki prefecture, Saga prefecture and Okinawa prefecture. The same applies hereinafter.
(Note 2) AUM refers to the numbers in the balance sheet.
(Note 3) The ratios are rounded off to the first decimal place.

Book Value(in JPY mln)

CS Hiji-machi Dai-ni Power Plant

1,192,276

26,605CS Mashiki-machi Power Plant

972,023

16,522

CS Daisen-cho Power Plant (A) and (B)511,203

8,736

CS Izu-shi Power Plant

213,813

4,090

CS Ogawara-machi Power Plant
CS Minamishimabara-shi Power Plant (East)and (West)
CS Minano-machi Power Plant

117,2312,620

92,276

1,405

36,774898

CS Hiji-machi Power Plant

55,048823

CS Ashikita-machi Power Plant

50,504799

CS Kasama-shi Power Plant

41,198774

3,282,352

63,278

Total(Note) There are no events which have impacts on any investment decision on infrastructure assets.

(3) Details of Assets

a.Details of Power Generation Facilities(i) Summary

Type of Asset

Property andEquipment

Intangible
AssetsBeginning
Balance

Increase in
the FP

Decrease in
the FP

Accumulated Depreciation /Amortization

EndingBalance

For this FP

Net Ending
Balance

Abstract

Structures

1,055

1

-

1,056

193

21

863

(Note 1)

Machinery andEquipment

42,43446-

42,4808,203

872

34,276(Note 2)Tools, Furnitureand Fixtures

591

0

-

591

114

11

476

(Note 1)

4,505

Land

4,505

-

-

4,505

-

-

Structures in trust

6,569

20

-

6,590

441

121

6,148

20,291--

20,291

1,549

422

18,741

93

0

-

94

7

1

87

Machinery andEquipment in trust
Tools, Furnitureand Fixtures intrust
Land in trust

4,769

-

-

4,769

-

-

4,769

Total

80,311

69-

80,38010,5091,453

69,870

Leasehold Rights

1,156

-

-

1,156

-

-

1,156

6

-

-

6

4

0

2

1,163

-

-

1,163

4

0

1,159

Software
Total(Note 3)(Note 1)th

(Note1) The increase for the 11 FP is related to the capital expenditure of the power plants.
th(Note2) The increase for the 11 FP is related to the snow damage recovery work for stand and panel of CS Takayama-shi Power Plant.
th(Note 3) The increase for the 11 FP is related to the retention basin improvement work of CS Hiji-machi Dai-ni Power Plant and the logging work around the panel of CS
Ogawara-machi Power Plant.

26

27

Ⅰ. Asset Management Report(ii) Details of Power Generation Facilities
The following table provides summary information for the CSIF owned 25 renewable energy facilities as of December 31, 2022. The renewable energy facilities
suite to the standards stipulated in each section in the Article 9, 3 of the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy

Asset #

Project name

S-01

CS Shibushi-shi
Power Plant

S-02

CS Isa-shi Power
Plant

S-03

CS Kasama-shi
Power Plant

S-04

CS Isa-shi Dai-niPower Plant

S-05

CS Yusui-cho
Power Plant

S-06

CS Isa-shi Dai-sanPower Plant

S-07

CS Kasama-shi Daini Power Plant

S-08

CS Hiji-machi
Power Plant

S-09

CS Ashikita-machi
Power Plant

S-10

CS Minamishimabara-shi
Power Plant (East) / CS
Minamishimabara-shi Power
Plant (West)

S-11

CS Minano-machi
Power Plant

S-12

CS Kannami-cho
Power Plant

S-13

CS Mashiki-machi
Power Plan

S-14

CS Koriyama-shi
Power Plan

S-15

CS Tsuyama-shi
Power Plan

S-16

CS Ena-shi Power
Plant

S-17

CS Daisen-cho Power
Plant (A) and (B)

S-18

CS Takayama-shi
Power Plant

S-19

CS Misato-machi
Power Plant

S-20
S-21

Sources by Electricity Utilities.
Location

Site Area(m2) (Note 1)

PPA Purchase Price(yen/kwh) (Note 2)

Certification Date

FIT Term End

CS Shibushi-shi
Power Plant

Shibushi-shi, Kagoshima

19,86140

February 26, 2013

September 16,
2034

Solar Plant etc.

CS Isa-shi Power
Plant

Isa-shi, Kagoshima

22,22340

February 26, 2013

June 8, 2035

S-03

Solar Plant etc.

CS Kasama-shi
Power Plant

Kasama-shi, Ibaraki

42,666(Note 5)40

January 25, 2013

June 25, 2035

S-04

Solar Plant etc.

CS Isa-shi Dai-niPower Plant

Isa-shi, Kagoshima

31,81836

October 2, 2013

June 28, 2035

S-05

Solar Plant etc.

CS Yusui-cho
Power Plant

Aira-gun, Kagoshima

25,27436

March 14, 2014

August 20, 2035

S-06

Solar Plant etc.

CS Isa-shi Dai-sanPower Plant

Isa-shi, Kagoshima

40,73640

February 26, 2013

September 15,
2035

S-07

Solar Plant etc.

CS Kasama-shi Daini Power Plant

Kasama-shi, Ibaraki

53,27540

January 25, 2013

September 23,
2035

S-08

Solar Plant etc.

CS Hiji-machi
Power Plant

Hayami-gun, Oita

30,24636

July 16, 2013

October 12, 2035

S-09

Solar Plant etc.

CS Ashikita-machi
Power Plant

Ashikita-gun, Kumamoto

45,74040

February 26, 2013

December 10,
2035

Solar Plant etc.

CS Minamishimabarashi Power Plant (East) /CS Minamishimabarashi Power Plant (West)

Minamishimabara-shi,
Nagasaki

56,06640

February 26, 2013
(East)
February 26, 2013
(West)

December 24,
2035 (East)
January 28, 2036
(West)

Asset #

Category

S-01

Solar Plant etc.

S-02

S-10

Project Name

(Note 3)(Note 4)

S-11

Solar Plant etc.

CS Minano-machi
Power Plant

Chichibu-gun, Saitama

44,90432

December 11,
2014

December 6, 2036

S-12

Solar Plant etc.

CS Kannami-cho
Power Plant

Tagata-gun, Shizuoka

41,33936

March 31, 2014

March 2, 2037

S-13

Solar Plant etc.

CS Mashiki-machi
Power Plant

Kamimashiki-gun,
Kumamoto

638,552(Note 6)36

October 24, 2013

June 1, 2037

S-14

Solar Plant etc.

CS Koriyama-shi
Power Plan

Koriyama-shi, Fukushima

30,376(Note 5)32

February 27, 2015

September 15,
2036

S-15

Solar Plant etc.

CS Tsuyama-shi
Power Plant

Tsuyama-shi, Okayama

31,05932

September 26,
2014

June 29, 2037

S-16

Solar Plant etc.

CS Ena-shi PowerPlant

Aza Ochise, Kusumi, Osashimacho, Ena-shi, Gifu

37,37332

February 24, 2015

September 12,
2037

CS Daisen-choPower Plant (A) and(B)

Aza Magoese, Toyofusa,
Daisen-cho, Saihaku-gun,Tottori (A)Aza Kamikawara,
Toyofusa, Daisen-cho,
Saihaku-gun, Tottori (B)40

February 22, 2013
(A)
February 28, 2013
(B)

August 9, 2037

January 30, 2015

October 9, 2037

S-17

Solar Plant etc.

452,760(Note 7)

Solar Plant etc.

CS Takayama-shi
Power Plant

Shingumachi, Takayamashi, Gifu

S-19

Solar Plant etc.

CS Misato-machi
Power Plant

Misato-machi, Kodamagun, Saitama

25,31532

January 6, 2015

March 26, 2037

S-20

Solar Plant etc.

CS Marumori-machi
Power Plant

Marumori-machi, Igu-gun,
Miyagi65,306(Note 8)36

February 28, 2014

July 12, 2038

S-21

Solar Plant etc.

CS Izu-shi Power
Plant
CS Ishikari
Shinshinotsu-muraPower Plant
CS Osaki-shi
Kejonuma Power
Plant
CS Hiji-machi Dai-niPower Plant

Ono Aza Okubo, Izu-shi,
Shizuoka

337,160

36

March 31, 2014

November 29,
2038

Ishikari-gun Hokkaido

42,977

24

November 18,
2016

July 15, 2039

Osaki-shi Miyagi

26,051

21

March 27, 2018

July 21, 2039

Hayami-gun Oita

1,551,086(Note 9)40

March 15, 2013

October 30, 2039

Shibata-gun Miyagi

123,624(Note 10)32

February 9, 2015

March 19, 2040

S-18

S-22

Solar Plant etc.

S-23

Solar Plant etc.

S-24

Solar Plant etc.

S-25

Solar Plant etc.

CS Ogawara-machi
Power Plant

16,278(Note 5)

32

S-23
S-24
S-25

(Note 1) The numbers for “Site Area” are not equal to the real situation but based on the ground register.
(Note 2) “PPA Purchase Price” are the FIT price for each power plant (excluding consumption tax amount).
(Note 3) “Certification Date” denotes the date each power plant is certified under the article 6.1 of Revision Renewable Energy Special Measures Law. Each power plant is deemedbeing certified on April 1, 2017 based on the article 9.3 of Revision Renewable Energy Special Measures Law.
(Note 4) “FIT Term End” denotes the date 20-year FIT term ends for each power plant.
(Note 5) The number for the site area is only for the power plant’s land ownership rights and doesn’t include easement.
(Note 6) The number for the site area is only for the power plant’s and self-employed line’s land ownership rights and doesn’t include easement.
(Note 7) The number for the site area is only for the power plant’s and self-employed line’s surface rights and doesn’t include leasehold rights and easement.
(Note 8) The number for the site area is only for the power plant’s, self-employed line’s and access road’s surface rights and doesn’t include easement.
(Note 9) The number for the site area is only for the power plant’s, self-employed line’s and access road’s land ownership rights and leasehold rights and does not include
easement.
(Note 10) The number for the site area is only for the power plant’s, self-employed line’s and access road’s surface rights and leasehold rights and does not include easement.

28

S-22

Acquisition Price(million yen)

Fiscal period end
valuation (million
yen) (Note 2)

Certified Operator

PPA company

Tida Power01 G.K

Kyushu Electric Power
Co., Inc

540

468

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

372

311

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

907

870

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

778

645

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

670

557

Tida Power01 G.K..

Kyushu Electric Power
Co., Inc

949

802

Tida Power01 G.K..

TEPCO Energy Partner,
Incorporated

850

744

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

1,029

865

Tida Power01 G.K..

Kyushu Electric Power
Co., Inc

989

844

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc

1,733

1,525

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

1,018

982

Tida Power01 G.K..

TEPCO Energy Partner,
Incorporated

514

482

Tida Power01 G.K.

Kyushu Electric Power
Co., Inc.

19,751

19,318Tida Power01 G.K..

Tohoku Electric Power
Co., Inc.

246

218

Tida Power01 G.K..

The Chugoku ElectricPower Co., Inc.

746

666

Tida Power01 G.K..

The Chubu ElectricPower Co., Inc.

757

720

Tida Power01 G.K..

The Chugoku ElectricPower Co., Inc.

10,447

9,227

Tida Power01 G.K.

The Chubu ElectricPower Co., Inc.

326

291

Tida Power01 G.K.

TEPCO Energy Partner,
Incorporated

470

417

CS Marumori-machi
Power Plant

Tida Power01 G.K.

Tohoku Electric Power
Co., Inc.

850

737

CS Izu-shi Power
Plant

Tida Power01 G.K.

TEPCO Power Grid,
Incorporated

4,569

4,073

Tida Power01 G.K.

Hokkaido Electric Power
Network Co., Ltd.

680

594

CS Ishikari
Shinshinotsu-muraPower Plant
CS Osaki-shi
Kejonuma Power
Plant
CS Hiji-machi Dai-niPower Plant
CS Ogawara Power
Plant

Tida Power01 G.K.

Tohoku ElectricPower Network Co.,Inc.

Kyushu Electric Power Co.,LOHAS ECE 2 G.K.
Inc.
Tida Power01 G.K.
Total

Tohoku ElectricPower Network Co.,Inc.

(Note 1)
(Note 5)208

193

27,851

27,253

2,745

2,712

80,00175,519Appraisal value of solar
plants(million yen)(Note 3)(upper:solar energy
facility) (lower:land)
337
131
292
19
648
222
611
33
532
25
754
47
703
40
833
32
813
30
1,459
65
743
239
445
36
15,798
3,520
168
49
530
136
686
33
8,932
295
234
57
302
115
722
14
3,871
202
535
59
154
38
22,543
4,710
2,670
41
65,323
10,196

Fiscal period end
book value(million yen)
(Note 4)

456
304
774
625
540
768
677
823
799

1,405

898
473
16,522
217
722
602
8,736
311
432
742
4,090
667
207
26,6052,620
71,027(Note 1) Acquisition price is based on acquisition price as described in the purchase agreements (excluding acquisition expenses related to the payment of outsourcing service
fees, property-related taxes, taxes on depreciable assets, urban planning taxes, consumption taxes and other fees).
(Note 2) For S-01 to S-18, the fiscal period end valuation is the median amount that the Investment Corporation calculated in accordance with Article 41, paragraph 1 of the CSIF's
Articles of Incorporation based on the range of valuation provided to us by PricewaterhouseCoopers Sustainability LLC and, for S-19 to S-25, the fiscal period end
valuation is based on the median amount which is the total sum of the median amount rounded down to the nearest million yen stated in the valuation provided to us by
Kroll International Inc.
(Note 3) On the upper row of the appraisal value of solar plants, an assumed appraisal value of solar energy projects that is obtained by deducting the real estate appraisal value
calculated by Daiwa Real Estate Appraisal Co., Ltd. from the appraised value at the end of the period in (Note 2) above is stated, and on the lower row, an amount statedin the real estate appraisal report prepared by Daiwa Real Estate Appraisal Co., Ltd. is stated. Real estate includes its superficies right.
(Note 4) Fiscal period end book value is the book value of solar energy as of December 31, 2022.
(Note 5) The acquisition price of CS Mashiki Power Plant had reduced in the amount of 332 million yen on December 16, 2020, back from the signing date of the Property
Purchase Agreement.

29

Ⅰ. Asset Management Report(iii) Operational Results of Each Power Generation Facilities (in JPY thousand)S-01 CS Shibushi-shi Power Plant
7th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2020
To Dec. 31, 2020

S-03 CS Kasama-shi Power Plant
7th FP

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

19,0397,573－
26,612

18,5364,326
322,866

18,941
7,353－
26,29518,4405,386
023,82818,843
7,052－
25,896

1,916
1,916
－
2,114
1,872
－
－
241
－
－
9,472
457
8,973
41
13,503
13,109

1,626
1,626
－
3,078
2,870
－
－
207
－
－
9,486
466
8,978
41
14,191
8,675

1,626
1,626
－
3,089
2,155
696
－
237
－
－
9,539
468
9,029
41
14,254
12,040

1,400
1,400
－
2,414
2,155
－
－
258
－
－
9,539
468
9,029
41
13,355
10,473

1,400
1,400
－
2,613
2,155
199
－
258
－
－
9,539
468
9,029
41
13,554
12,34130

Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

29,24910,743－39,992

34,968
13,110－48,07929,09910,580306
39,98534,7889,993－
44,782

28,94912,248－41,198

3,284
3,284
－
3,461
3,051
－
－
409
－
－
14,462324
14,10433
21,207
18,784

2,848
2,848
－
3,698
2,914
426
－
357
－
－
14,462324
14,10433
21,00927,069

2,848
2,848
－
3,594
3,189
－
－
405
－
－
14,483345
14,10433
20,926
19,059

2,481
2,481
－
3,572
2,914
220
－
438
－
－
14,483345
14,10433
20,537
24,245

2,481
2,481
－
4,386
2,914
1,034
－
438
－
－
14,483345
14,10433
21,351
19,846

7th FP
7th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2020
To Dec. 31, 2020

8th FP

S-04 CS Isa-shi Dai-ni Power Plant

S-02 CS Isa-shi Power Plant
Accounting Item

Accounting Item

Fr. Jul. 1, 2020
To Dec. 31, 2020

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

14,0996,502－
20,602

14,1684,105－
18,273

14,027
5,006－
19,034

14,095
5,707－
19,802

13,954
6,359－
20,314

1,456
1,456
－
2,241
1,247
－
－
197
797
－
7,837
256
7,563
17
11,535
9,066

1,244
1,244
－
2,726
1,610
144
－
173
797
－
7,837
256
7,563
17
11,808
6,465

1,244
1,244
－
2,619
1,610
－
－
193
797
18
7,837
256
7,563
17
11,701
7,332

1,090
1,090
－
2,611
1,610
－
－
203
797
－
7,924
256
7,650
17
11,625
8,177

1,090
1,090
－
2,761
1,610
149
－
203
797
－
7,925
256
7,651
17
11,776
8,537

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income (Note)
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2020
To Dec. 31, 2020

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

29,114
12,142－
41,257

29,2109,139－
38,35028,965
10,513－39,47829,06012,249－41,31028,815
11,483－40,298

3,230
3,230
－
5,646
3,677
－
－
378
1,590
－
16,457306
16,10941
25,334
15,922

2,769
2,769
－
4,815
2,893
－
－
330
1,590
－
16,457306
16,10941
24,042
14,307

2,769
2,769
－
4,861
2,893
－
－
376
1,590
－
16,481306
16,133
41
24,111
15,366

2,395
2,395
－
4,893
2,893
－
－
408
1,590
－
16,533306
16,18641
23,822
17,487

2,395
2,395
－
5,101
2,893
207
－
408
1,590
－
16,534306
16,18641
24,031
16,26731

Ⅰ. Asset Management Report
S-05 CS Yusui-cho Power Plant

S-07 CS Kasama-shi Dai-ni Power Plant
7th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2020
To Dec. 31, 2020

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

23,356
10,114－33,471

26,555
4,925－
31,48023,2368,331－
31,56826,4186,377－
32,79623,117
9,785－
32,903

2,802
2,802
－
4,510
2,893
－
－
353
1,263
－
14,263598
13,429235
21,575
11,895

2,396
2,396
－
4,828
2,966
289
－
308
1,263
－
14,269605
13,429235
21,494
9,986

2,396
2,396
－
4,822
2,966
242
－
350
1,263
－
14,269605
13,429235
21,487
10,080

2,076
2,076
－
4,856
3,213
－
－
378
1,263
－
14,358605
13,517
235
21,29011,505

2,076
2,076
－
5,109
2,966
500
－
378
1,263
－
14,360605
13,519235
21,546
11,356

7th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

32

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2020
To Dec. 31, 2020

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

28,865
9,763－
38,62934,543
14,19480
48,81728,718
10,587－39,30534,365
13,697
27
48,09028,57012,345－40,916

3,688
3,688
－
5,802
3,012
－
－
393
2,396
－
17,604247
17,31442
27,095
11,534

3,161
3,161
－
5,621
2,878
－
－
346
2,396
－
17,604247
17,31442
26,38722,429

3,161
3,161
－
5,928
3,145
－
－
387
2,396
－
17,604247
17,31442
26,695
12,610

2,710
2,710
－
5,940
2,878
255
－
410
2,396
－
17,604247
17,31442
26,256
21,834

2,710
2,710
－
5,778
2,878
93
－
410
2,396
－
17,604247
17,31442
26,094
14,821

S-08 CS Hiji-machi Power Plant

S-06 CS Isa-shi Dai-san Power Plant
Accounting Item

7th FP
Accounting Item

Fr. Jul. 1, 2020
To Dec. 31, 2020

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

34,673
15,683－50,35735,332
9,647－
44,97934,496
13,204－47,70135,151
14,338－49,49034,318
14,687－49,006

3,874
3,874
－
5,829
3,377
－
－
414
2,036
－
19,861
290
19,52051
29,564
20,792

3,323
3,323
－
5,583
3,185
－
－
361
2,036
－
19,861
290
19,52051
28,767
16,211

3,323
3,323
－
6,704
4,253
－
－
414
2,036
－
19,896290
19,55451
29,924
17,776

2,882
2,882
－
6,418
3,719
205
－
456
2,036
－
19,970290
19,62851
29,271
20,218

2,882
2,882
－
6,454
3,719
242
－
456
2,036
－
19,971
290
19,62951
29,308
19,697

7th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2020
To Dec. 31, 2020

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

37,292
19,144－56,43637,564
13,581－
51,146

37,101
16,053－53,15537,372
22,236－59,60836,91018,138－55,048

4,426
4,426
－
5,894
3,881
－
－
498
1,514
－
22,070835
21,120114
32,39024,045

3,798
3,798
－
6,221
4,185
－
－
433
1,602
－
22,031
835
21,12075
32,051
19,095

3,798
3,798
－
6,729
4,719
－
－
498
1,512
－
22,119835
21,20578
32,647
20,507

3,299
3,299
－
6,354
4,248
－
－
548
1,557
－
22,162835
21,24878
31,815
27,793

3,299
3,299
－
6,629
4,248
275
－
548
1,557
－
22,166835
21,252
78
32,094
22,95433

Ⅰ. Asset Management Report
S-09 CS Ashikita-machiPower Plant

S-11 CS Minano-machi Power Plant
7th FP

Accounting Item

Fr. Jul. 1, 2020
To Dec. 31, 2020

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

36,924
16,265－53,19035,39011,664－47,05436,736
13,064－49,80135,20816,008－51,21736,547
13,956－50,504

4,164
4,164
－
5,723
3,562
－
－
479
1,681
－
20,216
1,441
18,523
252
30,10423,086

3,559
3,559
－
6,001
3,900
－
－
419
1,681
－
20,216
1,441
18,523
252
29,777
17,276

3,559
3,559
－
6,187
3,900
132
－
473
1,681
－
20,216
1,441
18,523
252
29,963
19,837

3,071
3,071
－
6,090
3,900
－
－
508
1,681
－
20,301
1,441
18,608252
29,46321,753

3,071
3,071
－
6,332
3,900
242
－
508
1,681
－
20,306
1,441
18,612
252
29,71020,794

7th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

34

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2020
To Dec. 31, 2020

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

30,5338,305
338,84235,16011,831－
46,99330,3788,454－
38,832

34,981
10,801－45,78330,2236,551－
36,774

3,816
3,816
－
4,909
4,432
－
－
476
－
－
16,198766
15,432－
24,924
13,918

3,330
3,330
－
4,234
3,814
－
－
420
－
－
16,211766
15,445－23,77623,217

3,330
3,330
－
5,468
4,117
875
－
475
－
－
16,211766
15,445－25,01013,821

2,886
2,886
－
4,620
3,814
293
－
512
－
－
16,211766
15,445－23,71822,064

2,886
2,886
－
4,431
3,814
104
－
512
－
－
16,211766
15,445－23,52913,245

S-12 CS Kannami-cho Power Plant

S-10 CS Minamishimabara-shi Power Plant (East and West)
Accounting Item

7th FP
Accounting Item

Fr. Jul. 1, 2020
To Dec. 31, 2020

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

65,18829,488－94,677

62,844
32,632－
95,47664,856
18,371－
83,22762,52133,501－
96,02364,52327,753－92,276

7,296
7,296
－
10,791
5,840
－
－
689
4,260
－
35,224739
34,235248
53,311
41,366

6,244
6,244
－
10,536
5,515
152
－
606
4,260
－
35,333751
34,333248
52,11443,361

6,244
6,244
－
12,049
5,515
1,580
－
693
4,260
－
35,397755
34,392248
53,691
29,535

5,400
5,400
－
10,533
5,515
－
－
757
4,260
－
35,397755
34,392248
51,331
44,692

5,400
5,400
－
15,147
8,275
1,853
－
757
4,260
－
35,404755
34,399248
55,95236,324

7th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2020
To Dec. 31, 2020

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

18,363
5,528－
23,892

19,446
10,093－29,53918,2706,460－
24,731

19,347
9,032－
28,37918,177
6,661－
24,839

2,068
2,068
－
5,371
1,832
1,653
－
231
1,654
－
9,662
380
9,226
55
17,101
6,790

1,785
1,785
－
3,696
1,809
－
－
207
1,678
－
9,662
380
9,226
55
15,144
14,395

1,785
1,785
－
5,416
1,809
1,700
－
227
1,678
－
9,662
380
9,226
55
16,864
7,866

1,541
1,541
－
4,093
1,809
371
－
233
1,678
－
9,662
380
9,226
55
15,297
13,081

1,541
1,541
－
4,932
1,809
1,210
－
233
1,678
－
9,671
389
9,226
55
16,146
8,692

35

Ⅰ. Asset Management Report
S-13 CS Mashiki-machi Power Plant

S-15 CS Tsuyama-shi Power Plant
7th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

684,807309,385－
994,192

657,875
313,693－
971,569

681,331250,5119
931,851654,533
369,157－
1,023,691

677,855
294,168－
972,023

83,464
83,464－90,501
81,080
226
－
9,148
45
－
337,941
3,551
326,487
7,902
511,906
482,286

70,99370,993－80,39670,219
1,996
－
8,121
58
－
338,234
3,562
326,769
7,902
489,624
481,945

70,99370,993－80,682
71,329
248
－
9,051
53
－
338,300
3,626
326,770
7,902
489,976
441,875

61,54961,549－83,17770,219
3,408
－
9,493
55
－
338,329
3,646
326,780
7,902
483,056
540,634

61,54961,549－83,40070,219
3,630
－
9,493
55
－
338,389
3,706
326,780
7,902
483,338
488,684

7th FP

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

36

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2020
To Dec. 31, 2020

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

21,796
10,929－32,72524,05312,364－36,417

21,6858,308－
29,99423,931
11,850－35,781

21,575
12,106－
33,681

3,468
3,468
－
4,820
3,078
1,746
－
261
3
－
13,061376
12,380304
21,35011,375

3,020
3,020
－
3,706
2,820
650
－
233
3
－
13,084376
12,403304
19,811
16,606

3,020
3,020
－
3,338
2,820
253
－
264
－
－
13,144376
12,462304
19,502
10,492

2,624
2,624
－
3,374
3,084
－
－
288
1
－
13,146379
12,462
304
19,145
16,636

2,624
2,624
－
3,587
2,764
532
－
288
1
－
13,160393
12,462
304
19,372
14,309S-16 CS Ena-shi Power Plant

S-14 CS Koriyama-shi Power Plant
Accounting Item

7th FP
Accounting Item

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

7,542
2,880
2
10,426

8,003
4,148
－
12,152

7,504
3,481
2
10,988

7,962
4,165
－
12,128

7,465
3,277
2
10,746

1,168
1,168
－
952
829
－
－
122
－
－
4,191
327
3,864
－
6,311
4,114

1,007
1,007
－
940
829
－
－
110
－
－
4,191
327
3,864
－
6,138
6,013

1,007
1,007
－
945
829
－
－
115
－
－
4,191
327
3,864
－
6,143
4,844

869
869
－
1,218
829
277
－
110
－
－
4,191
327
3,864
－
6,279
5,849

869
869
－
940
829
－
－
110
－
－
4,191
327
3,864
－
6,001
4,744

7th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2020
To Dec. 31, 2020

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

25,482
13,562
4
39,05026,133
12,678－38,81225,353
11,281－
36,63526,0005,789－
31,79025,225
17,874－43,099

3,776
3,776
－
4,552
3,051
－
－
298
1,202
－
14,510589
13,823
97
22,83916,211

3,216
3,216
－
4,233
2,912
122
－
265
933
－
14,510589
13,823
97
21,96016,851

3,216
3,216
－
4,666
2,912
－
－
300
1,454
－
14,510589
13,823
97
22,393
14,241

2,776
2,776
－
8,937
2,772
4,653
－
325
1,187
－
14,510589
13,823
97
26,224
5,565

2,776
2,776
－
7,649
2,772
3,364
－
325
1,187
－
14,526589
13,84097
24,952
18,14737

Ⅰ. Asset Management Report
S-17 CS Daisen-cho Power Plant (A and B)

S-19 CS Misato-machi Power Plant
7th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

383,529
132,857－
516,387324,605
261,534－
586,140

381,584
139,595－
521,180

322,958
259,138－
582,096379,639
131,563－511,203

51,76051,760－61,71043,616－－
5,500
12,593－
214,567
4,905
208,879782
328,038
188,349

44,70144,701－
55,972
37,972567－
4,876
12,555－
214,567
4,905
208,879782
315,241
270,898

44,70144,701－
61,08543,044－－
5,486
12,554－
214,568
4,905
208,880782
320,354
200,825

38,62338,623－62,12843,632
160－
5,844
12,491－
214,569
4,905
208,881782
315,321266,774

38,62338,623－
72,12440,508
13,166－
5,844
12,604－
214,573
4,909
208,881782
325,321
185,882

S-18 CS Takayama-shi Power Plant

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

38

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2020
To Dec. 31, 2020

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

12,9396,517－
19,457

15,2237,134
522,363

12,873
6,079－
18,953

15,145
6,926－
22,072

12,8085,228－
18,037

2,644
2,644
－
1,743
1,562
－
－
181
－
－
7,594
176
7,345
72
11,982
7,474

2,310
2,310
－
3,173
1,439
1,572
－
161
－
－
7,595
176
7,345
73
13,079
9,283

2,310
2,310
－
1,680
1,499
－
－
180
－
－
7,600
176
7,345
77
11,591
7,362

2,032
2,032
－
2,318
1,425
701
－
191
－
－
7,602
176
7,345
79
11,953
10,118

2,032
2,032
－
2,191
1,425
574
－
191
－
－
7,603
176
7,345
80
11,826
6,210

S-20 CS Marumori-machi Power Plant
7th FP

Accounting Item

7th FP
Accounting Item

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

9,671
3,829
－
13,501

10,963
5,009－
15,973

9,622
3,173
－
12,796

10,908－－
10,908

9,573
730
782
11,086

1,762
1,762
－
1,391
1,256
－
－
135
－
－
5,496
344
5,139
12
8,649
4,851

1,545
1,545
－
2,886
1,285
1,480
－
120
－
－
5,496
344
5,139
12
9,928
6,044

1,545
1,545
－
1,554
1,285
132
－
136
－
－
5,496
344
5,139
12
8,595
4,201

1,362
1,362
－
4,265
2,516
1,600
－
148
－
－
4,881
344
4,524
12
10,509
399

1,362
1,362
－
3,484
1,256
2,079
－
148
－
－
5,034
344
4,675
14
9,880
1,205

7th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jul. 1, 2020
To Dec. 31, 2020

8th FP
Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

28,1889,260－
37,44832,22815,833－48,061

28,045
10,675－38,721

32,065
10,421－
42,487

27,903
11,450－39,353

5,430
5,430
－
13,151
2,666
5,227
－
513
4,744
－
17,051503
16,313234
35,633
1,815

4,696
4,696
－
8,215
2,865
118
－
487
4,744
－
17,059503
16,320234
29,971
18,090

4,696
4,696
－
9,100
2,865
1,040
－
464
4,729
－
17,059503
16,320234
30,855
7,865

4,056
4,056
－
11,124
3,030
3,058
－
366
4,669
－
17,059503
16,320234
32,23910,247

4,056
4,056
－
8,831
2,672
1,045
－
366
4,748
－
17,059503
16,320234
29,9479,406

39

Ⅰ. Asset Management Report
S-21 CS Izu-shi Power Plant

S-23 CS Osaki-shi Kejonuma Power Plant
7th FP

Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

141,970
69,450－211,420

155,030
95,230－250,260

141,256
81,935－
223,191

154,247
89,977－244,225

140,541
73,271－
213,81328,252
28,252－27,011
12,770－－3,525
10,716－
87,776
4,082
82,271
1,421
143,039
68,38024,32924,329－27,016
13,018
1,342
－
1,483
11,173－87,776
4,082
82,271
1,421
139,122
111,138

24,32924,329－25,81713,018－－
1,606
11,192－87,776
4,082
82,271
1,421
137,922
85,26820,967
20,967－
26,41813,018
601－
1,625
11,173－87,776
4,082
82,271
1,421
135,161
109,063

20,967
20,967－
27,046
13,018
1,230
－
1,625
11,173－87,835
4,142
82,271
1,421
135,850
77,963S-22 CS Ishikari Shinshinotsu-mura Power Plant
7th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

40

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

11,9163,884－
15,80021,501
5,871－
27,373

20,656
18,948－39,605

21,38914,050－35,44020,552
12,924－33,476

－
－
－
2,639
2,074
－
－
165
－
400
－
6,533
－
－
－
186
6,326
20
9,173
6,627

3,102
3,102
－
13,562
4,211
8,426
－
324
－
600
－
12,493－－－361
12,091
40
29,158(1,784)

1,741
1,741
－
14,206
3,111
10,127
－
366
0
600
－
12,665－－－274
12,35040
28,614
10,990

2,311
2,311
－
6,087
3,111
1,980
－
395
－
600
－
12,995－－－527
12,42740
21,394
14,046

2,311
2,311
－
8,603
3,111
4,495
－
395
－
600
－
13,015－－－547
12,42740
23,930
9,546

7th FP
Accounting Item

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

9th FP

Fr. Jan. 1, 2021
To Jun. 30, 2021

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

3,741
1,510
－
5,251

6,756
3,764
－
10,520

6,288
2,600
18
8,907

6,664
3,964
－
10,628

6,254
2,878
9
9,142

－
－
－
1,054
793
－
－
61
－
200
－
1,858
－
－
－
155
1,691
12
2,913
2,337

745
745
－
2,602
2,182
－
－
120
－
300
－
3,600
－
－
－
300
3,276
23
6,948
3,571

745
745
－
1,804
1,372
－
－
131
－
300
－
3,600
－
－
－
300
3,276
23
6,150
2,756

654
654
－
3,314
1,372
1,505
－
136
－
300
－
3,600
－
－
－
300
3,276
23
7,570
3,058

654
654
－
1,676
1,240
－
－
136
－
300
－
3,600
－
－
－
300
3,276
23
5,932
3,209

S-24 CS Hiji-machi Dai-ni Power Plant
7th FP
Accounting Item
Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP
Fr. Jul. 1, 2021
To Dec. 31, 2021

10th FP
Fr. Jan. 1, 2022
To Jun. 30, 2022

11th FP
Fr. Jul. 1, 2022
To Dec. 31, 2022

－
－
－
－

626,679
140,790－
767,470

827,769
274,26860
1,102,098

851,537
470,8870
1,322,425

824,936
367,340－
1,192,276

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
54,99843,276
－
3,505
－
5,791
2,400
24
301,767－－－
72,436228,681649
356,765
410,704－－－
96,77960,195－
5,589
18,645
8,700
3,600
49
475,055－－－
114,009
360,024
1,021
571,835
530,262

66,926
66,926－
97,32862,960
4,005
5,877
12,072
8,763
3,600
49
475,277－－－
114,025360,229
1,021
639,532
682,893

66,926
66,926－108,186
62,96013,837
6,915
12,072
8,750
3,600
49
475,568－－－
114,109360,434
1,024
650,681541,594

41

Ⅰ. Asset Management Report
4. Capital Expenditures for Assets under Management

S-25 CS Ogawara-machi Power Plant
7th FP
Accounting Item

8th FP

Fr. Jul. 1, 2020
To Dec. 31, 2020

Rental revenue of renewable energy power plant
Basic rent
Variable rent linked to actual output
Incidental income
Total of rental revenue of renewable energy power plant (A)Expense for rental of renewable energy power plant
Tax and public dues
(Property tax)
(Other and public dues)
Other expenses(Management entrustment expenses)(Repair and maintenance costs)(Utilities expenses)(Insurance expenses)(Land rent)(Trust fees)(Other rental expense)
Depreciation expenses(Structures)(Machinery and equipment)(Tools, furniture and fixtures)(Structures in trust)(Machinery and equipment in trust)(Tools, furniture and fixtures in trust)
Total of expense for rental of renewable energy power plant (B)Income from rental of renewable energy power plant (A-B)

Fr. Jan. 1, 2021
To Jun. 30, 2021

9th FP

10th FP

Fr. Jul. 1, 2021
To Dec. 31, 2021

Fr. Jan. 1, 2022
To Jun. 30, 2022

(1) Scheduled Capital Expenditures

11th FP

Not applicable.

Fr. Jul. 1, 2022
To Dec. 31, 2022

－
－
－
－

76,70038,313－
115,01385,86733,454－
119,321

101,700
44,084
145,784

86,03931,191－
117,231

－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－
－

－
－
－
8,682
7,164
－
－
－
117
1,400
－
34,482－－－
4,186
29,766529
43,16571,848－－－18,32010,308
－
－
1,626
4,285
2,100
－
54,273－－－6,589
46,850833
72,593
46,728

7,251
7,251
－
22,921
11,017
2,365
－
1,129
6,310
2,100
－
54,273－－－6,589
46,850833
84,446
61,338

7,251
7,251
－
20,84910,819
491
－
1,129
6,310
2,100
－
54,412－－－
6,729
46,850833
82,51434,717b.Details of Investment in Operating Rights for Public Facilities
Not applicable.

(2) Capital Expenditures during the Period

The following table shows capital expenditures for renewable energy power generation facilities, etc. owned by CSIF during the fiscal
period under review.
Name of infrastructure assets, etc.
(Location)

CS Takayama-shi Power Plant(Takayama-shi, Gifu)
CS Hiji-machi Dai-ni Power
Plant(Hayami-gun, Oita)
CS Ogawara-machi Power
Plant(Shibata-gun, Miyagi)

PurposeSnow damage recovery work forstand and panel

Retention basin improvement
work
Logging work around the panel

Implementation period

Amount paid
(thousand yen)

From June 13, 2022
To December 2, 2022

45,253

From July 1, 2022
To July 7, 2022

7,117

From August 1, 2021
To September 28, 2022

13,300

Other Power Plants

3,678
Total

69,349(3) Cash Reserved for Long-term Maintenance Plan
Not applicable.

5. Summary of Expenses and Debts(1) Summary of Expenses(in thousand yen)c.Details of Investment in Real Estate
The real estate that CSIF holds are to be provided for the use of renewable energy power generation facilities and described in “(3) Detailsof Assets / a. Details of Power Generation Facilities / (i) Summary” above.

10th FP
Fiscal Period
Asset Management Fee
Administrative Service Fee
Directors’ Compensation
Other Operating Expenses

d.Details of Investment in Securities
Not applicable.

Total(4) Other Assets

From January 1, 2022
To June 30, 2022
127,390
27,8772,400
68,326
225,994

11th FP
From July 1, 2022
To December 31, 2022
115,772
27,251
2,400
71,777217,200

Assets related to the power plants are described in “(3) Details of Assets / a. Details of Power Generation Facilities / (iii) Operational
Results of Each Power Generation Facilities (in JPY thousand)” and other assets as of December 31, 2022 are as follows.
Category

Type

Transaction Outside ofMarketInterest Rate Swap
Total

Contracted Amount (thousand yen)
(Note 1)

Over 1 year
(Note 1)

Fair Value(Note 2)32,788,321

30,512,844-

32,788,321

30,512,844-(Note 1) The contracted amount is based on notional amount.
(Note 2) As the transaction is booked based on special treatment under the financial instrument accounting standard, the fair value is omitted.

(5) Location of Assets by Country
There is no asset in the countries outside Japan as of December 31, 2022.

42

43

Ⅰ. Asset Management Report(2) Summary of Debts
Category
Borrowing Date
Lender(3) Investment Corporation Bond
Beginning
Balance(million yen)Ending Balance(million yen)

Average
Interest Rate(%)

Repayment Date

(Note 1)

Repayment
MethodUse

AbstractLong-term
SBI Shinsei Bank,
LimitedMizuho Bank, Ltd.
Sumitomo Mitsui
Banking Corporation

1,824

1,759

1,140

1,099

1,140

1,099

MUFG Bank, Ltd.

760

732

Resona Bank, Ltd.

1,368

1,319

Orix Bank Corporation
The Hiroshima Bank,Ltd.
Nanto Bank, Ltd.

760

732

1,368

1,319

1,368

1,319

The Oita Bank, Ltd.

684

659

The Shonai Bank, Ltd.

684

659

San ju San Bank,Ltd.

152

146

The Tochigi Bank, Ltd.
SBI Shinsei Bank,
LimitedSumitomo Mitsui
Banking Corporation

684

659

1,380

1,332

1,380

1,332

MUFG Bank, Ltd.
Nanto Bank, Ltd.

October 31, 2017

September 6,
2018

The Ashikaga Bank, Ltd.
The Hiroshima Bank,Ltd.
SBI Shinsei Bank,
LimitedSumitomo Mitsui
Banking Corporation

1,594

1,539

797

769

816

788

408

394

1,265

1,227

1,265

1,227

Mizuho Bank, Ltd.

1,236

1,198

MUFG Bank, Ltd.

1,236

1,198

Sumitomo Mitsui Trust
Bank, Limited

1,236

1,198

Asahi Shinkin Bank

1,926

1,868

The Tottori Bank,Ltd.

1,284

1,245

The Chugoku Bank,Ltd.

1,236

1,198

The 77 Bank,Ltd.

963

934

The Oita Bank,Ltd.

642

622

The Nanto Bank,Ltd.

642

622

The Senshu Ikeda Bank,
Ltd.

642

622

The Bank of Saga,Ltd.

642

622

The Bank of Nagoya,Ltd.

642

622

The Fukuho Bank,Ltd.
The Bank ofFukuoka,Ltd.
Total

458

444

March 8, 2021

275

266

33,90532,7880.84500(Note 2)October 31, 2027

Partialamortization(Note 4)

Unsecured andno guarantee

Name of Investment
Corporation Bond

Issue date

Beginningbalance

Canadian Solar
Infrastructure Investment
Corporation / The 1st
Unsecured Bond

November
6, 2019

1,100

Canadian Solar
Infrastructure Investment
Corporation / The 1st
Unsecured Bond (Green
bond)

January 26,
2021

Total

EndingBalance

Interest
rate (%)

Redemption
date

Redemption
methodPurpose

Abstract

1,100

0.71

November 6,
2024

Bullet(Note)

Unsecuredand noguarantee

3,800

3,800

0.80

January 26,
2026

Bullet(Note)

Unsecuredand noguarantee

4,900

4,900

(million yen)(million yen)

(Note) The purpose is repayment of the debt whose maturity is approaching, payment of future acquisition cost of specified assets, payment of repair cost and capital
expenditure, and working capital.

(4) Short-term Investment Corporation Bond
Not applicable.

(5) Unit Acquisition Right
Not applicable.

1.04200(Note 2)September 6, 2028

Partialamortization(Note 4)

Unsecured andno guarantee

6. Sales and Purchases during the Period(1) Summary for Sales and Purchases of Infrastructure Assets, Infrastructure-related Assets, Real Estate andAsset-backed Securities
Not applicable.

(2) Summary for Sales and Purchases of Other Assets
Not applicable.

(3) Valuation of Specified Assets
Not applicable.

0.81990(Note 3)

March 8, 2031

Partialamortization(Note 4)

Unsecured andno guarantee(Note 1) Average interest rates are based on actual number of days and weighted average. The number are rounded down.
(Note 2) For the debts with interest rate swap for hedging interest rate risk, the average interest rate incorporates the effect of such interest rate swap.
(Note 3) As from March 29, 2021, for the debts with interest rate swap for hedging interest rate risk, the average interest rate incorporates the effect of such interest rate swap.
(Note 4) The uses of the debt proceeds are the purchase of power plants.

44

45

Ⅰ. Asset Management Report(4) Transactions with Interested Parties

7. Summary of Accounts

a.Sales and Purchases
Not applicable(1) Summary of Assets, Liabilities, Capital and Income/Lossb.LeaseName

Lease Income Amount(in JPY thousand) (Note)

Tida Power 01 Godo Kaisha

2,522,080

LOHAS ECE 2 Godo Kaisha

1,192,276c.Commission Paid
The summary of consignment of O&M services to stakeholders of the owing assets in the 11th fiscal period are as following.

Canadian
Solar O&M
Japan K.K.

Name(2) Change in Calculation Method of Depreciation
Not applicable.

(Note) The lease income amount presents the total of the base lease income amount and the performance liked lease income amount in the 11th fiscal period.

Purchase or
Sales

Please see the balance sheet, statement of income, statement of changes in unitholders’ equity, note and statement of cash distribution.
Please note that the balance sheet, statement of income, statement of changes in unitholders’ equity, note and statement of cash
distribution for the 10th fiscal period are for reference and those are not subject to audit procedures for the 11th fiscal period by certified
public accountant or audit firm under the Article 130 of the Act on Investment Trusts and Investment Corporations.

Commission amount (in JPY thousand) (Note)

CS Shibushi-shi Power Plant

2,124

CS Isa-shi Power Plant

1,579

CS Kasama-shi Power Plant

2,914

CS Isa-shi Dai-ni Power Plant

2,862

CS Yusui-cho Power Plant

2,935

CS Isa-shi Dai-san Power Plant

3,687

CS Kasama-shi Dai-ni Power Plant

2,878

CS Hiji-machi Power Plant

4,217

CS Ashikita-machi Power Plant
CS Minamishimabara-shi Power Plant (East) / CS
Minamishimabara-shi Power Plant (West)
CS Minano-machi Power Plant

3,869
5,515

(3) Change in Valuation Method of Infrastructure Assets and Real Estate
Not applicable.

(4) Company Setting Investment Trust Beneficial Securities
Not applicable.

8. Other(1) Notificationa.Unitholders’ Meeting
Any unitholders' meetings of CSIF were not held in the 10th period.
b.Board of Executives Meeting
Not applicable.

(2) Treatment of Amount and Ratio with Fractional Point

Unless otherwise described, the amounts are rounded down and the ratio are rounded up or down.

3,814

CS Kannami-cho Power Plant

1,809

CS Mashiki-machi Power Plant

70,219

CS Koriyama-shi Power Plant

829

CS Tsuyama-shi Power Plant

2,764

CS Ena-shi Power Plant

2,772

CS Daisen-cho Power Plant (A) and (B)40,508CS Takayama-shi Power Plant

1,256

CS Misato-machi Power Plant

1,425

CS Marumori-machi Power Plant

2,672

CS Izu-shi Power Plant

13,018CS Ishikari Shinshinotsu-mura Power Plant

3,111

CS Osaki-shi Kejonuma Power Plant

1,240

CS Hiji-machi Dai-ni Power Plant

62,960CS Ogawara-machi Power Plant

10,819(Note) The commission amount presents the commission amount for each owing asset in the 11th period.

(5) Asset Manager’s Transaction Related to Asset Manager’s Other Business

Asset Manager doesn’t conduct any of the type1 and type2 financial instrument exchange business, real estate transaction businessand specified joint real estate ventures. There was no applicable transaction during the period.

46

47

Ⅱ. Balance Sheet(Unit: thousand yen)

10th Period(June 30, 2022)(Unit: thousand yen)

11th Period(December 31, 2022)

10th Period(June 30, 2022)

AssetsLiabilities

Current Assets

Current liabilities

Cash and bank deposit

5,082,280

5,271,544

Operating accounts receivable

1,148,662

798,973

Accounts payable – operating
Current portion of long-term loans payable

Accounts receivable-

13,141

Prepaid expenses

163,589

262,709

Other current assets

75,51359,468

Total current assets

6,470,046

6,405,837

Property and equipment
Accumulated depreciation
Structures, net

1,055,391

1,056,877(171,352)(193,153)

884,038

863,724

Accumulated depreciation

42,434,266(7,330,697)

42,480,349(8,203,513)

Machinery and equipment, net

35,103,568

34,276,835

Accumulated depreciation

591,024(102,728)

591,663(114,667)

Tools, furniture and fixtures, net

488,296476,996

Land

4,505,944

4,505,944

Structures in trust

Machinery and equipment

Tools, furniture and fixtures

6,569,721

6,590,138

Accumulated depreciation(319,920)(441,608)

Structures in trust, net

6,249,801

6,148,530

Accumulated depreciation

20,291,246(1,126,547)

20,291,246(1,549,535)

Machinery and equipment in trust, net

19,164,699

18,741,711

Accumulated depreciation

93,540(5,114)

94,264(7,036)

Tools, furniture and fixtures in trust, net

88,42587,228

Machinery and equipment in trust

Tools, furniture and fixtures in trust

Land in trust

4,769,905

4,769,905

Total property and equipment

71,254,680

69,870,876

1,156,923

1,156,923

Intangible assets
Leasehold rights
SoftwareTotal intangible assets

2,761

2,226

1,159,685

1,159,150

69,73987,324

2,261,543

2,275,477

Accounts payable – other171,689

161,541

Accrued expenses

137,675

123,547852

914

148,20276,773

Income taxes payable

Fixed Assets
Structures

11th Period(December 31, 2022)

Consumption tax payable
Deposits received
Total current liabilities

485

1,265

2,790,188

2,726,843

Non-current liabilities
Investment corporation bond

4,900,000

4,900,000

Long-term loan payable

31,643,639

30,512,844

Total non-current liabilities

36,543,639

35,412,844

39,333,827

38,139,687

Total liabilities
Net assets
Unitholders' equity
Unit holders’ capital

40,631,004

40,631,004

Deduction from unitholders’ capital(1,998,255)(1,998,255)

Unitholders’ capital (net value)

38,632,749

38,632,749

Unappropriated retained earnings (Accumulated deficit)

1,509,284

1,213,566

Total surplus

1,509,284

1,213,566

40,142,034

39,846,315

Surplus

Total unitholders' equity
Total net assets
Total liabilities and net assets※1

40,142,034
79,475,861※1

39,846,315
77,986,003

Investments and other assets
Long-term prepaid expenses

520,335

481,802

Investment in capital

10

10Deferred tax assets

1215

Long-term deposit

15,60015,600

Guarantee deposits

37,79037,790Total investment and other assets

573,747

535,217

72,988,113

71,565,244

Investment corporation bond issuance cost

17,701

14,921

Total deferred assets

17,701

14,921

79,475,861

77,986,003

Total fixed assets
Deferred Assets

Total Assets

48

49

Ⅲ. Statement of Income

Ⅳ. Statements of Changes in Unitholders’ Equity(Unit: thousand yen)

10th period(from January 1, 2022
to June 30, 2022)

10th Fiscal Period (From January 1, 2022 to June 30, 2022)

11th period(from July 1, 2022
to December 31, 2022)

Unitholders’ equity
Unitholders’ capital

Operating revenues
Rental revenues of renewable energy power generation facilities, etc.

※1

Total operating revenues

4,060,575※1

4,060,575※1

2,090,621

3,715,150※1

2,114,647

Balance as of January
1, 2022

Deduction fromunitholders’capitalSurplus
Unitholders’capital(net)

Capital surplus
or loss

Total surplus

Totalunitholders’equityTotal net assets

40,631,004(1,670,370)

38,960,634

1,122,287

1,122,287

40,082,921

40,082,921

Changes of items
during the period

Asset management fee

127,390

115,772

Distribution inexcess of earnings－(327,884)(327,884)－－(327,884)(327,884)

Administrative service fees

27,87727,251Dividend of surplus

－

－

－

(1,122,075)(1,122,075)(1,122,075)(1,122,075)

2,400

Net Income
Total changes of
items during theperiodBalance as of June 30,2022

1,509,072

1,509,072

1,509,072

Director’s compensation
Taxes and duties

2,400
65

164

Other operating expenses

68,261

71,612

Total operating expenses

2,316,616

2,331,848

1,743,958

1,383,301

Interest income

26

29

Dividends

0-

Insurance income-

39,287

Operating income or loss
Non-operating incomes

Other non-operating income

3,259

202

Total non-operating income

3,285

39,519Interest expenses

151,215

148,732

Interest on investment corporation bond

18,947

19,262Non-operating expenses

Amortization of investment corporation bond issuance cost

2,779

2,779

Borrowing-related expenses

37,73037,730Loss on retirement of non-current assets

26,635-

Total non-operating expenses

237,310

208,505

Ordinary income

1,509,933

1,214,315

Income before income taxes

1,509,933

1,214,315

Income taxes - current

856

918

Income tax - deferred

4(2)

Total income taxes
Net income
Retained earnings (deficit) brought forward
Unappropriated retained earnings (Accumulated deficit)

50

Unitholders’capital3,715,150

Operating expenses
Rental expenses of renewable energy power generation facilities, etc.

(Unit: thousand yen)

861

915

1,509,072

1,213,400

211

165

1,509,284

1,213,566－－－

1,509,072－(327,884)(327,884)

386,996386,996

59,112

59,112*1 40,631,004(1,998,255)

38,632,749

1,509,284

1,509,284

40,142,034

40,142,034

11th Fiscal Period (From July 1, 2022 to December 31, 2022)(Unit: thousand yen)

Unitholders’ equity
Unitholders’ capital
Unitholders’capitalBalance as of July 1,
2022

Deduction fromunitholders’capitalSurplus
Unitholders’capital(net)

Capital surplus
or loss

Total surplus

Totalunitholders’equityTotal net assets

40,631,004(1,998,255)

38,632,749

1,509,284

1,509,284

40,142,034

40,142,034

－

－

－

(1,509,118)(1,509,118)(1,509,118)(1,509,118)

－

－

－

1,213,400

1,213,400

1,213,400

1,213,400－－－(295,718)(295,718)(295,718)(295,718)*1 40,631,004(1,998,255)

38,632,749

1,213,566

1,213,566

39,846,315

39,846,315

Changes of items
during the period
Dividend of surplus
Net Income
Total changes of
items during theperiodBalance as ofDecember 31, 2022

51

Ⅴ. Notes
Summary of Significant Accounting Policies (from January 1, 2022 to June 30, 2022)
1.Method of depreciation and amortization of
non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property andequipment are as shown below:
Structures…………………………………… 22 - 25 years
Machinery and equipment………………… 22 - 25 years
Tools, furniture and fixtures………………… 22 - 25 years
Structures in trust…
24 - 30 years
Machinery and equipment in trust……
24 - 25 years
Tools, furniture and fixtures in
24 - 25 years
trust…………………
(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software…………………………………… 5 years(3) Long-term prepaid expenses
The straight-line method is adopted.

2.Method of deferred assets amortization

Investment corporation bond issuance cost
The straight-line method over the period until the redemption date is adopted.

3.Standards for revenue and expense
recognition

Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among other taxes,on the infrastructure assets held, of the tax amount assessed and determined, the amountcorresponding to the calculation period is accounted as rental expenses. In addition,
reimbursement such as fixed assets tax, which is paid to the seller and other persons on theacquisition of infrastructure assets and other assets (“the amount equivalent to the fixed assets
taxes and other taxes”) is not recognized as rental expenses but included in the acquisition cost of
the concerned infrastructure assets and other assets.

4.Method of hedge accounting

5.Other significant matters serving as thebasis for preparation of financial
statements(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:･Hedging instruments…Interest rate swap transaction･Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles ofIncorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus the evaluationof effectiveness is omitted.
Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power plants, allassets and liabilities within entrusted assets as well as all revenue and expense items which
occur to entrusted assets are recorded as the respective account titles on the balance sheet
and statements of income. The following important account titles among the entrusted assets
which are recorded as the respective account titles are separately indicated on the balance
sheet:
Structures in trust, Machinery and equipment in trust, Tools, furniture and fixtures in trust, Landin trust.

Summary of Significant Accounting Policies (from July 1, 2022 to December 31, 2022)
1.Method of depreciation and amortization of
non-current assets

52(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property andequipment are as shown below:
Structures…………………………………… 22 - 25 years
Machinery and equipment………………… 22 - 25 years
Tools, furniture and fixtures………………… 22 - 25 years
Structures in trust…
24 - 30 years
Machinery and equipment in trust……
24 - 25 years
Tools, furniture and fixtures in
24 - 25 years
trust…………………
(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software…………………………………… 5 years(3) Long-term prepaid expenses
The straight-line method is adopted

2.Method of deferred assets amortization

Investment corporation bond issuance cost
The straight-line method over the period until the redemption date is adopted.

3.Standards for revenue and expense
recognition

Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among other taxes,on the infrastructure assets held, of the tax amount assessed and determined, the amountcorresponding to the calculation period is accounted as rental expenses. In addition,
reimbursement such as fixed assets tax, which is paid to the seller and other persons on theacquisition of infrastructure assets and other assets (“the amount equivalent to the fixed assets
taxes and other taxes”) is not recognized as rental expenses but included in the acquisition cost of
the concerned infrastructure assets and other assets.

4.Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:･Hedging instruments…Interest rate swap transaction･Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles ofIncorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus the evaluationof effectiveness is omitted.

5.Other significant matters serving as thebasis for preparation of financial
statements

Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power plants, allassets and liabilities within entrusted assets as well as all revenue and expense items which
occur to entrusted assets are recorded as the respective account titles on the balance sheet
and statements of income. The following important account titles among the entrusted assets
which are recorded as the respective account titles are separately indicated on the balance
sheet:
Structures in trust, Machinery and equipment in trust, Tools, furniture and fixtures in trust, Landin trust.

Notes to Balance Sheet*1 Minimum net assets stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations
As of June 30, 2022

(Unit: thousand yen)

As of December 31, 2022
50,00050,000Notes to Statement of Income*1 Breakdown of profits and losses from the rental business of renewable energy power generation facilities, etc.
(Unit: thousand yen)

From January 1, 2022
to June 30, 2022

From July 1, 2022
to December 31, 2022

A. Operating revenue from the rental business of renewable energy
power generation facilities, etc.
Rental revenue of renewable energy power generation facilities,
etc.
(Basic rent)

2,610,799

2,603,324(Variable rent linked to actual output)

1,449,747

1,111,032

28

794

4,060,575

3,715,150(Management entrustment expenses)

257,667

254,787(Repair and maintenance costs)

25,66450,561(Taxes and duties)

243,240

243,242(Incidental income)
Total operating revenue from the rental business of renewableenergy power generation facilities, etc.
B. Operating expenses from the rental business of renewable energy
power generation facilities, etc.
Rental expenses of renewable energy power generation
facilities, etc.

(Utilities expenses)

5,877

6,915

(Insurance expenses)

37,24337,243(Depreciation expenses)

1,452,362

1,453,152(Land rent)

61,91762,096(Trust fees)

6,600

6,600

49

49

Total operating expenses from the rental business ofrenewable energy power generation facilities, etc.

2,090,621

2,114,647

C. Profits and losses from the rental business of renewable energy
power generation facilities, etc. (A-B)

1,969,953

1,600,502(Other rental expenses)

53

Ⅴ. Notes
Notes to Statements of Changes in Unitholders’ Equity*1 Total number of authorized investment units and the total number of investment units issued and outstanding
From January 1, 2022
To June 30, 2022

From July 1, 2022
To December 31, 2022

Total number of authorized investment units

10,000,000 unit

10,000,000 unit

Total number of investment units issued andoutstanding

386,656 unit

386,656 unit

Notes on Tax Effect Accounting
1.Breakdown of deferred tax assets and deferred tax liabilities by major cause(Unit: thousand yen)

Fiscal period ended

Fiscal period ended

June 30, 2022

December 31, 2022

Accrued business tax not deductible from taxable income

12

Total deferred tax assets

1215

Net amount of deferred tax assets

12

15

2.Breakdown of each major item that causes a significant difference between the effective statutory tax rate and the rate of the burden of
corporate tax and other taxes after the application of tax effect accounting

Effective statutory tax rate

Fiscal period ended

June 30, 2022

December 31, 2022
31.46%

31.46%(31.44)%(31.43)%

0.04%

0.05%

(Adjustment)
Dividends paid deductible for tax purpose
OthersRate of burden of corporate tax and other taxes after the applicationof tax effect accounting

0.06%

0.08%

Notes on Financial Instruments
For the 10th fiscal period (From January 1, 2022 to June 30, 2022)
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions, issuing investment
corporation bond or issuing investment units. The basic policy is to build stable and sound financial operations to maintain andincrease earnings in the medium to long term and grow the size and value of assets(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are exposed tointerest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through the appropriate balancing of
the loan period and the interest rate type, and diversification of lenders, and the appropriate management of various types ofindexes, especially the general application of the upper limit of the ratio of interest-bearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values are reasonably
calculated. Since certain assumptions are used for the calculation of fair values, they may change if different assumptions are used.

54(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-term loans
payable2,261,543

2,263,748

2,205(2) Long-term loans payable

31,643,639

31,870,125

226,486(3) Investment corporation bond

4,900,000

4,892,630(7,370)38,805,182

39,026,504

221,322－－－

Total liabilities
15

Fiscal period ended

2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of June 30, 2022 and the difference between them.
Cash and bank deposit and Operating accounts receivable whose fair values approximate to book values due to cash and being settled
in a short period are not included in the table. Long-term deposit and Guarantee deposits which has little significance is not included in
the table.

(4) Derivative transaction(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every certain period is applied to loans, and thus
the market value is considered to be close to the book value. Accordingly, the book value is used. In addition, for the long-term loans payable at variable interest
rates subject to the special treatment of interest rate swap (refer to (4) 2. below), the fair value is measured by discounting the total sum of the principal and interest
treated together with the said interest rate swap as one at the interest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(3) Investment corporation bondFair value is based on market value.
(4) Derivative transaction
1. Those to which hedge accounting is not applied
Not applicable.
2. Those to which hedge accounting is applied(Unit : thousand yen)
Method of hedge
accounting
Special treatment ofinterest rate swap

Type of derivativetransactions and othermatters
Interest rate swap
transaction
Fixed payment/variable
receipt

Contract amount and other amounts
Major items hedged

Long-term loans
payable33,905,182

Longer than
one year

Fair value

Method ofcalculation of said
market value

31,643,639(Note)－(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and the long-termloans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-term loans
payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among other matters” .
(Note 2) Scheduled redemption amounts of loans payables after the closing date (June 30, 2022)
Longer than two
years, within threeyears

Longer than three
years, within fouryears

Longer than four
years, within fiveyears

Longer than fiveyears

2,261,543

2,267,295

2,206,896

2,301,459

2,240,050

22,627,936－－

1,100,000

3,800,000－－

2,261,543

2,267,295

3,306,896

6,101,459

2,240,050

22,627,936

Within one year
(1) Long-term loans payable(2) Investment corporation bond
Total

(Unit: thousand yen)

Longer than one
year, within two
years

55

Ⅴ. Notes
For the 11th fiscal period (From July 1, 2022 to December 31, 2022)
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions, issuing investment
corporation bond or issuing investment units. The basic policy is to build stable and sound financial operations to maintain andincrease earnings in the medium to long term and grow the size and value of assets(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are exposed tointerest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through the appropriate balancing of
the loan period and the interest rate type, and diversification of lenders, and the appropriate management of various types ofindexes, especially the general application of the upper limit of the ratio of interest-bearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values are reasonably
calculated. Since certain assumptions are used for the calculation of fair values, they may change if different assumptions are used.
2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of December 31, 2022 and the difference between
them. Cash and bank deposit and Operating accounts receivable whose fair values approximate to book values due to cash and being
settled in a short period are not included in the table. Long-term deposit and Guarantee deposits which has little significance is notincluded in the table.
(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-term loans
payable2,275,477

2,278,187

2,709(2) Long-term loans payable

30,512,844

30,766,331

253,487(3) Investment corporation bondTotal liabilities

4,900,000

4,894,170(5,830)37,688,321

37,938,688

250,367－－－(4) Derivative transaction(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every certain period is applied to loans, and thus
the market value is considered to be close to the book value. Accordingly, the book value is used. In addition, for the long-term loans payable at variable interest
rates subject to the special treatment of interest rate swap (refer to (4) 2. below), the fair value is measured by discounting the total sum of the principal and interest
treated together with the said interest rate swap as one at the interest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(3) Investment corporation bondFair value is based on market value.
(4) Derivative transaction
1. Those to which hedge accounting is not applied
Not applicable.
2. Those to which hedge accounting is applied(Unit : thousand yen)
Method of hedge
accounting
Special treatment ofinterest rate swap

Type of derivativetransactions and othermatters
Interest rate swap
transaction
Fixed payment/variable
receipt

Contract amount and other amounts
Major items hedged

Long-term loans
payableLonger than
one year

Fair value

Method ofcalculation of said
market value

30,512,844(Note)－(2) Investment corporation bond
Total

56

Fiscal period ended

June 30, 2022

December 31, 2022

Book value (Note 2)
Beginning balance

73,858,451

72,411,603

Change during the period (Note 3)(1,446,847)(1,383,803)

Ending balance

72,411,603

71,027,800

76,365,000

75,519,000

Fair value at the end of the period(Note 4)(Note 1) The real estate that CSIF holds is real estate to be provided for the use of renewable energy power generation facilities, and thus with respect to the book value and thefair value, the amount of the renewable energy power generation facilities and real estate are stated together as one.
(Note 2) The book value for the balance sheet is the amount at acquisition cost less the accumulated depreciation.
(Note 3) The change during the period ended June 30, 2022 primarily consisted of the increase due to capital expenditure for photovoltaic power generation facilities (32,150
thousand yen), and the decrease due to depreciation expenses (1,452,362 thousand yen). And the change during the period ended December 31, 2022 primarily
consisted of the increase due to capital expenditure for photovoltaic power generation facilities (69,349 thousand yen), and the decrease due to depreciation expenses(1,453,152 thousand yen).
(Note 4) The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the CSIF's Articles of Incorporation on the basis of theappraised value in the range stated in the valuation report with the date of the value opinion on June 30, 2022 and December 31, 2022, which was obtained fromPricewaterhouseCoopers Sustainability LLC (for S-01 to S-18). And, the fair value is the total sum of the median amount on the basis of the appraised value stated in thevaluation report with the date of the value opinion on June 30, 2022 and December 31, 2022, which was obtained from Kroll International Inc (for S-19 to S-25).The fairvalue which is the total sum of the median amount stated in the valuation report of Kroll International Inc is rounded down to the nearest million yen.

In addition, profits and losses from the renewable energy power generation facilities, etc. for the fiscal period ended June 30, 2022 (the10th period) and the fiscal period ended December 31, 2022 (the 11th period) are as stated in the “Notes to statement of income” above.
Notes on Restriction for Asset Management
Not applicable.
Notes on Related Party Transaction
For current period (from January 1, 2022 to June 30, 2022)
Attribute

Interested
Party of
Asset
Manager

Name

Address

Canadian Solar
O&M Japan
K.K.

50F Shinjuku
Mitsui Bldg.,
Nishi-shinjuku
2-1-1,
Shinjuku-ku,
Tokyo JAPAN

Capital(in JPY
thousand)Business

100,000

Operation and
Maintenance

Number ofUnits Hold
(Held)－

Relationship
Concurrent
Position of
Executive

Business
RelationshipTransacti
onTransaction
Amount(in JPY
thousand)Account(Note 1) (Note 2)

Outsourcing
Payment
Not
of Operationof O&Mapplicable andFee
Maintenance257,448

EndingBalance(in JPY
thousand)(Note 1)

Accounts
Payable69,739(Note 1) The amounts exclude consumption taxes.
(Note 2) The condition of transactions are referring to market prices etc.

Attribute(Note 2) Scheduled redemption amount of loans payables after the closing date (December 31, 2022)(1) Long-term loans payable(Unit: thousand yen)

Fiscal period ended

For prior period (from July 1, 2022 to December 31, 2022)
32,788,321(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and the long-termloans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-term loans
payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among other matters” .
(Unit: thousand yen)

Longer than one
year, within two
years

Longer than two
years, within threeyears

Longer than three
years, within fouryears

Longer than four
years, within fiveyears

Longer than fiveyears

2,275,477

2,228,931

2,270,245

2,256,998

9,570,112

14,186,556－

1,100,000－

3,800,000－－

2,275,477

3,328,931

2,270,245

6,056,998

9,570,112

14,186,556

Within one year

Notes on Investment and Rental Property
CSIF has renewable energy power generation facilities, etc. The book value change during the period and fair value at the end of theperiod are as shown below.

Interested
Party of
Asset
Manager

Name

Canadian Solar
O&M Japan
K.K.

Address

43F Shinjuku
Mitsui Bldg.,
Nishi-shinjuku
2-1-1,
Shinjuku-ku,
Tokyo JAPAN

Capital(in JPY
thousand)Business

100,000

Operation and
Maintenance

Number ofUnits Hold
(Held)－

Relationship
Concurrent
Position of
Executive

Business
RelationshipTransactionOutsourcing
Payment
Not
of Operationof O&Mapplicable andFee
MaintenanceTransaction
Amount(in JPY
thousand)Account(Note 1) (Note 2)

251,809

EndingBalance(in JPY
thousand)(Note 1)

Accounts
Payable87,324(Note 1) The amounts exclude consumption taxes.
(Note 2) The condition of transactions are referring to market prices etc.

57

Ⅴ. Notes

Ⅵ. Statement of Cash Distribution

Notes on Per Unit Information
Prior fiscal period

Current fiscal period

From January 1,2022
to June 30, 2022

From July 1, 2022
to December 31, 2022

Net assets per unit
Net income per unit

103,818 yen
3,902 yen

Net income per unit is calculated by dividing net income by theaverage number of investment units during the period.
With respect to diluted profit per unit for the period, there are no
dilutive investment units, and thus the statement is omitted.

Net assets per unit
Net income per unit

103,053 yen
3,138 yen

Net income per unit is calculated by dividing net income by theaverage number of investment units during the period.
With respect to diluted profit per unit for the period, there are no
dilutive investment units, and thus the statement is omitted.

(Note) The basis of calculation of net income (net loss) per unit is as follows.

Net income (Net loss) (Thousand yen)Amount not attributable to common unit holders (Thousand yen)
Net income (Net loss) attributable to Common unit holders (Thousand yen)
Average number of investment units during the period (Units)

Notes on Subsequent Event after the Balance Sheet Date
For the 10th fiscal period (From January 1, 2022 to June 30, 2022)
Not applicable.
For the 11th fiscal period (From July 1, 2022 to December 31, 2022)
Not applicable.
Notes on Revenue Recognition
Not applicable.

Prior fiscal period

Current fiscal period

From January 1, 2022
to June 30, 2022

From July 1, 2022
to December 31, 2022

1,509,072

1,213,400－－

1,509,072

1,213,400

386,656

386,656

I Unappropriated retained earnings (accumulated
deficit)
II Distributions in excess of retained earnings
Deduction from unitholders’ capital
III Cash distributions(Cash distributions per unit)
Profit distributions(Profit distributions per unit)
Distributions in excess of retained earnings(Distributions in excess of retained earnings)
IV Retained earnings (deficit) carried forward
Calculation method for cash distributions

Fiscal Period under Review

Fiscal Period under Review(From January 1, 2022
to June 30, 2022)(From July 1, 2022
to December 31, 2022)

1,509,284,238 Yen

1,213,566,004 Yen－ Yen
1,509,118,368 Yen(3,903) Yen
1,509,118,368 Yen(3,903) Yen－ Yen(－) Yen
165,870 Yen
In accordance with Articles 47, Paragraph
1 of Canadian Solar Infrastructure Fund, Inc.
(“CSIF’) s Articles of Incorporation, theamount of cash distributions shall be theamount of profit in excess of an amountequivalent to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation.
Based on this policy, CSIF decided to make
distributions of ¥1,509,118,368 which is theentire amount equivalent to theunappropriated retained earnings for the
fiscal period under review of ¥1,509,284,238
excluding fractions of the distribution per unitthat are less than ¥1.
CSIF does not distribute cash in excess ofretained earnings based on the cash
distribution policy prescribed in Article 47,
Paragraph 2 of CSIF’s Articles ofIncorporation.
Accordingly, the distribution per unit is¥3,903.

236,633,472 Yen
1,449,960,000 Yen(3,750) Yen
1,213,326,528 Yen(3,138) Yen
236,633,472 Yen(612) Yen
239,476 Yen
In accordance with Articles 47, Paragraph
1 of Canadian Solar Infrastructure Fund, Inc.
(“CSIF’) s Articles of Incorporation, theamount of cash distributions shall be theamount of profit in excess of an amountequivalent to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation.
Based on this policy, CSIF decided to make
distributions of ¥1,213,326,528 which is theentire amount equivalent to theunappropriated retained earnings for the
fiscal period under review of ¥1,213,566,004
excluding fractions of the distribution per unitthat are less than ¥1.
CSIF distributes cash in excess ofretained earnings every fiscal period basedon the cash distribution policy prescribed in
Article 47, Paragraph 2 of CSIF’s Articles ofIncorporation. Based on this policy, CSIF
decided to make cash distributions in excessof earnings (return of capital categorized asa distribution of the reduction in capital for
Japanese tax purposes) in the amount of¥236,633,472 which is equivalent to 16.3%of the amount of depreciation expenses
recorded for the fiscal period under review of¥1,453,687,832.
Accordingly, the distribution per unit is¥3,750.

(Note) Distributions in excess of retained earnings per unit will generally be based on the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the AssetManager’s asset management guideline.
CSIF intends to make cash distributions of NCF within the FCF generated from the renewable energy power generation facilities. The amount available for distribution shallbe calculated by multiplying NCF by the payout ratio.
Further, CSIF intends to make distributions in excess of retained earnings for each fiscal period in order to realize such policy.
CSIF’s forecasts (including revised forecasts) for each fiscal period are based on the assumption of the Forecast Power Generation (P50) provided in the independent
technical report which is used as a basis for calculating rents for renewable energy power generation facilities and if actual NCF calculated based on actual power
generation during the applicable fiscal period exceeds forecast NCF, CSIF’s policy is to set “forecast NCF multiplied by the payout ratio” as the upper limit of the amount ofcash distributions for the applicable fiscal period.
On the other hand, if actual NCF is less than forecast NCF, CSIF’s policy is to set “actual NCF multiplied by the payout ratio” as the amount of cash distributions for theapplicable fiscal period.
Based on this policy, CSIF decided to make distributions for the previous fiscal period of ¥1,509,118,368 which is equivalent to 63.3% of forecast NCF amount for the fiscal
period under review of ¥2,382,855,627.
Based on this policy, CSIF decided to make distributions for the current fiscal period of ¥1,449,960,000 which is equivalent to 77.1% of forecast NCF amount for the fiscal
period under review of ¥1,880,540,436 Of this, ¥236,633,472 which is the amount less of distributions of profit of ¥1,213,326,528 is distributions in excess of retained
earnings.

58

59

Ⅶ. Statement of Cash Flow(unit: thousand yen)

10th period

11th period(From January 1, 2022
to June 30, 2022)(From July 1, 2022
to December 31, 2022)

Scope of funds in statement of cash
flows

Cash flows from operating activities
Income (Loss) before income taxes

1,509,933

1,214,315

Depreciation cost

1,452,880

1,453,687

2,779

2,779

Amortization of investment corporation bond issuance expenses
Interest income and dividends

(26)

(29)

Interest expenses

170,163

167,994

Other non-operating income(2,394)(202)

Loss on retirement of non-current assets
Decrease (Increase) in operating accounts receivable
Decrease (Increase) in account receivable
Decrease (Increase) in consumption taxes payable

26,635-(391,318)

349,688-(13,141)(156,974)(71,785)

Decrease (Increase) in prepaid expenses

59,952(99,119)

Decrease (Increase) in long-term prepaid expenses

38,53338,533

Increase (Decrease) in operating accounts payable

17,432

22,025

Increase (Decrease) in accounts payable - other

27,308(10,459)

Increase (Decrease) in accrued expenses

36,951(15,040)

Other, net(16,908)

16,824Sub-total

2,774,951

3,056,072

Interest received
Interest paid
Income taxes paid

26

29

(171,183)(167,082)

(948)

(857)

2,602,846

2,888,162

Purchases of property and equipment(37,272)(72,094)

Purchases of intangible assets(2,500)(825)

Net cash provided by (used in) investing activities(39,772)(72,919)

Repayment of long-term loans payable(1,131,857)(1,116,861)

Dividends paid

(1,122,075)(1,509,118)

Net cash provided by (used in) operating activities

Summary of Significant Accounting Policies
From January 1, 2022
To June 30, 2022

From July 1, 2022
To December 31, 2022

Funds (cash and cash equivalents) in statement ofcash flows consist of cash on hand, demand
deposits and short-term investments with amaturity of three months or less at the date ofacquisition that can readily be converted into cash
and that are subject to insignificant risks ofchanges in value.

Funds (cash and cash equivalents) in statement ofcash flows consist of cash on hand, demand
deposits and short-term investments with amaturity of three months or less at the date ofacquisition that can readily be converted into cash
and that are subject to insignificant risks ofchanges in value.

Notes to Statement of Cash Flows*1 Relationship between the ending balance of cash and cash equivalents and the amounts on the balance sheet
From January 1, 2022
To June 30, 2022
*1 Relationship between the ending balance of cash and cash
equivalents and the amounts on the balance sheet(as of June 30, 2022)

From July 1, 2022
To December 31, 2022
*1 Relationship between the ending balance of cash and cash
equivalents and the amounts on the balance sheet(as of December 31, 2022)

Cash and deposits
Term deposits over three months
Cash and cash equivalents

Cash and deposits
Term deposits over three months
Cash and cash equivalents(unit: thousand yen)

5,082,280
5,082,280(unit: thousand yen)

5,271,544
5,271,544

Cash flows from investing activities

Cash flows from financing activities

Surplus earning distribution paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the fiscal period
Cash and cash equivalents at the end of the fiscal period※1(327,884)－(2,581,817)(2,625,979)(18,743)

189,264

5,101,023

5,082,280

5,082,280※1

5,271,544(Note) The statement of cash flow is prepared based on the "Regulations Concerning Terminology, Forms, and Preparation Methods of Financial Statements" (Ministry of FinanceRegulation No.59, 1963) and attached as the reference information. This statement of cash flow is not subject to the financial audit by an accounting auditor according to the
Article 130 in the Act on Investment Trusts and Investment Corporations and so it has not undergone an accounting audit by an accounting auditor.

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